TOKYO—Global natural rubber futures closed the trading week ended Oct. 25 lower across all major exchanges.
Reversing a prior-week pick-up on Japan's Osaka exchange, OSE rubber futures closed 5.5 percent down week-on-week "amid thin market conditions," the Japan Exchange Group said in its Oct. 28 market report.
In China, NR futures recorded declines of 0.7 percent and 0.4 percent, respectively, on the SHFE and INE exchanges amid "speculative selling and long liquidations within a narrow trading range."
On Singapore's SICOM exchange, meanwhile, rubber futures fell by 2.0 percent as traders adjusted positions and took profits, according to the weekly report.
"The market lacked news and clear direction, resulting in prices fluctuating within a tight range throughout the week," JPX said, summarizing trends overall. "Traders remained cautious, leading to reduced trading volumes in most exchanges."
Among news developments that could influence NR prices, JPX noted that the U.S. had raised antidumping duties on truck and bus radial tires from Thailand, imposing a 48.39 percent duty on Bridgestone and a 12.33 percent rate on other tire makers.
Meanwhile, it added, Thailand has suspended its bi-weekly auctions of EUDR-compliant rubber following the European Union's decision to defer its regulation implementation by 12 months.
JPX also noted new efforts to stimulate China's struggling economy: the People's Bank of China cut one-year and five-year loan prime rates by 25 basis points to 3.10 percent and 3.60 percent, respectively.