Japanese rubber futures lower on firmer supply outlook
The Osaka Exchange (OSE) rubber contract for November delivery slumped 19.6 yen, or 6.23%, to end at 295 yen ($2.05) per kg. * The contract has lost 7.81% this week, its steepest weekly fall since April 4.
The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery slid 435 yuan, or 3.14%, to 13,405 yuan ($1,864.68) per metric ton.
The most active July butadiene rubber contract on the SHFE fell 200 yuan, or 1.76%, to 11,145 yuan ($1,550.31) per ton. 'There is some caution in the market with producing countries Ivory Coast, Vietnam, and Thailand having full production along with well stocked inventories in Europe and US,' said Farah Miller, founder of independent rubber-focused data firm Helixtap Technologies. * As of May 28, domestic production areas as well as plantations in Vietnam have fully begun harvesting, said Chinese financial information site Tonghuashun Information. Rubber crops usually undergo a season of low production from February to May, before a peak harvesting period that lasts until September.
Elsewhere, a federal appeals court temporarily reinstated US President Donald Trump's tariffs on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties.
Chinese equities dipped, with auto shares continuing the downward trend as price war concerns lingered. The front-month rubber contract on Singapore Exchange's SICOM platform for June delivery last traded at 162 US cents per kg, down 2.5%.
China's financial markets will be closed on Monday for a public holiday. Trading will resume on Tuesday, June 3.
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