By Vibhuti Agarwal
Asian rubber prices ended higher Tuesday, supported by stronger Shanghai rubber futures on hopes of improved rubber demand from top buyer China.
Tire manufacturers in China have let their rubber stocks run low and will have to start restocking, said Gu Jiong, an analyst at Yutaka Shoji. He added that this could support prices over the coming weeks.
The Tokyo six-month contract ended up 2.7 yen a kilogram at Y189.8/kg ($1.82). It hit a high of Y190/kg earlier in the session.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 545 yuan to finish at CNY14,805 yuan ($2,184) a metric ton.
Asian Rubber Futures
Nov 08 Change fromprevious close
Tocom Apr RSS3 Y189.8/Kg Up Y2.7
Shanghai Jan SCR5 CNY14,805/ton Up CNY545
Sicom Dec RSS3 178.5 US cents/Kg Up 2.4 US cents/Kg
Sicom Apr TSR20 159.6 US cents/Kg Up 4.0 US cents/Kg
USS Nov THB55.71-THB56.21/Kg THB54.75-THB55.09/Kg
By Vibhuti Agarwal at email@example.com
(END) Dow Jones Newswires
November 08, 2016 06:18 ET (11:18 GMT)
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