Rubber trades near two-month low on Chinese stockpiles, PMI data

Rubber trades near two-month low

Published: 25 Feb 2013 at 10.42
Online news: News

Rubber declined for a fifth day on Monday and traded near a two-month low as stockpiles increased in China, the largest consumer, and a survey showed the country’s manufacturing may expand this month at a slower rate.

The contract for July delivery on the Tokyo Commodity Exchange fell as much as 0.8% to 294.6 yen a kilogramme (US$3,132 a metric tonne), approaching the two-month low of 292.7 reached Feb 21, and was at 295.9 yen at 10.52am. Futures have declined 2.2% this year.

The preliminary reading of a Purchasing Managers’ Index was 50.4 in February, according to a statement from HSBC Holdings Plc and Markit Economics today. That compares with the 52.3 final reading for January and the 52.2 median estimate of 11 analysts surveyed by Bloomberg News. A number above 50 indicates expansion. Inventories monitored by the Shanghai Futures Exchange rose 2,401 tonnes to 102,416 tonnes, the bourse said Feb 22. It was the highest level since March 2010.

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bluebottle
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Discussion 4 : 25 Feb 2013 at 20.244
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Rubber is no longer needed in these quantities it is out of date,change production to somthing that is of economic value.End of problem.I have used this expression previously,A Luddite attitude.For those of you who have not come across the expression the Luddites where those against the industrial revolution same thing applies here.
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patchar
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Discussion 3 : 25 Feb 2013 at 12.583
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I thought most farmers who are engaged in ubber farming stopped gathering raw rubbers from their plantations as accordingly, due to severe drought. So, supplies of raw rubber should have decreased and the effects should have been high price.
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porky
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Discussion 2 : 25 Feb 2013 at 12.052
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And 10,000 tons of "pledged" rubber currently rotting in Government warehouses isn't helping either...
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geoffo
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Discussion 1 : 25 Feb 2013 at 11.391
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Asked for a comment K.Nattauwt the deputy minister responsible for trying to inflate rubber prices to help elite traders said- "opps"
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Rubber trades near two-month low on Chinese stockpiles, PMI data | Bangkok Post: business