By Vibhuti Agarwal
Asian rubber prices ended lower Friday, weighed by sluggish Shanghai rubber futures.
Rubber futures on the Shanghai Futures Exchange fell after rising around 30% over the past two weeks.
The most-active rubber contract on the Shanghai futures exchange for May delivery was down 200 yuan at CNY18,355 ($2,652) a metric ton.
Trading volumes were subdued amid the Thanksgiving holiday in the U.S., said Kaname Gokon, an analyst at Okato Shoji brokerage in Tokyo. However, hopes that the Organization of the Petroleum Exporting Countries is likely to reach an agreement to curb global oil production at next week's meeting "will be a key driver of prices," he said.
The Tokyo benchmark six-month contract ended down3.2 yen at Y235.6 ($2.08) a kilogram.
Asian Rubber Futures
Nov 25 Change from previous close
Tocom Apr RSS3 Y235.6/Kg Down Y3.2
Shanghai Feb SCR5 CNY18,355/ton Down CNY200
Sicom Dec RSS3 200.5 US cents/Kg Down 0.5 US cents/Kg
Sicom Mar TSR20 177.8 US cents/Kg Down 3.7 US cents/Kg
USS Nov THB64.87-THB66.40/Kg THB65.70-THB65.86/Kg
Write to Vibhuti Agarwal at email@example.com
(END) Dow Jones Newswires
November 25, 2016 05:52 ET (10:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.