TOKYO—Natural rubber futures in Far East markets closed generally mixed for the week ended May 5, with "quiet transactions," according to Japan Stock Exchange JPX.
The prices moved within a tight trading range due to labor day national holidays in Japan and China, JPX said in its weekly report May 8.
In Japan, OSE rubber futures closed 2 percent higher week-on-week in active trading, with September-delivery contracts closing at $1.58 (Yen 212.3), while Singapore's SICOM closed "marginally lower" at $102.32 USD ($135.7 SGD) for July-delivery contracts.
China's SHFE and INE futures faced new selling pressures after opening from three-day holidays and closed 0.4-percent lower.
According to JPX, weather conditions have been "dry and warm" in most producing areas, including Yunnan, China; Thailand; and Malaysia.
This follows a Bloomberg report earlier in May indicating that rubber production may be affected in China due to a drought that "has persisted for more than a month."
As weather conditions affect supply, JPX expects rubber prices to remain steady in response to "optimistic economic recovery and car sales improvement in China."
Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].