TOKYO—Natural rubber futures closed the trading week ended Jan. 12 mixed across major rubber exchanges, according to Japan Exchange Group (JPX).
In Japan and Singapore, OSE and SICOM prices closed "firmer," driven by strong physical buying, while China's SHFE and INE prices were lower week-on-week.
The "market tone," JPX said in its Jan. 15 report, remained strong as consumers reportedly paid 10-12 cents/kg above SICOM TSR20 in the front-month before the Chinese New Year holiday.
In China, SHFE and INE prices decreased due to "weaker economic data and declining equity markets," JPX said, noting "a yearly low" in the Chinese equity market the week before.
On a brighter note, it said China experienced an uptick in vehicle sales, recording a 12-percent increase in 2023 to 30.1 million units. The surge in sales was attributed to a significant increase in electric vehicles exports from China.
Elsewhere, JPX reported supply-side issues with a 6.9-percent decline in Malaysia's natural rubber production in November to 30,669 metric tons.
Meanwhile, the group noted a surge in crude oil prices, at one point reaching $75.25 per barrel, following joint U.S. and United Kingdom military action in Yemen.
