Due to market concerns about the rubber supply tightening during the Thai New Year, Tokyo Commodity Exchange (TOCOM) rubber futures hit a new high in five weeks. On the 11th, TOCOM’s rubber futures for September delivery rose by 3.9% to 481.9 yen per kilogram ($5,688/tonne), the highest level since March 3, and closed at 475.2 yen per kilogram. The contract rose 8.5% last week, the largest increase since November 5.
Hiroyuki Kikukawa, research manager at IDO Securities Co, said that rubber supply will be temporarily suspended during the Spring Festival in Thailand. Kikukawa said that Thai government agencies and banks will be closed from April 13th to April 15th. Higher crude oil prices and lower Chinese rubber inventories also support rubber prices. Shanghai Futures Exchange said on the 8th that China's natural rubber stocks fell for the ninth week in a row, reducing the 5-month low of 8,645 tons to an eight-month low of 21,966. This is based on the investigation of 10 warehouses in Shanghai, Shandong, Yunnan, Hainan and Tianjin.
Navarat Kaewpratarn, a senior marketing officer at Futures Agri Trade Ltd. in Bangkok, Thailand, said that after the floods in the southern provinces and cities of Thailand, the supply of rubber was limited and provided positive signals for the market. NYMEX crude oil futures are nearing a new high of 30 months, as the situation in Libya affects oil production, and investors are buying commodities to hedge the risk of the dollar falling. NYMEX crude oil futures for May delivery rose 67% to $113.46 a barrel.
Shanghai natural rubber futures rose on the 11th. The main 1109 contract closed at 37,065 yuan/ton, up 830 yuan. Shanghai Plastic Co., Ltd. moved out of the market yesterday and was approaching an important historical high point of 38,000 points. However, there have been signs of profit-taking long and substantial lightening positions. Hujiao fell near the opening price, and the resistance above it was near 38,000. Rubber prices continue to rise overnight, crude oil retraced sharply, short-term Hujiao difficult to rise sharply, technical significance signals bearish meaning thicker.
China Automobile Association announced March automobile data. In March, automobile production and sales were 1,827,300 and 1,829,500 vehicles, a growth of 44.99% and 44.32% from the previous period, an increase of 5.34% and 5.36% year-on-year, and an increase of 52.35 percentage points from the same period of last year. 50.43 percentage points. The growth rate further slowed, but it is still growing. Recently, Wen Jiabao, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, conducted an investigation on the economic performance in Zhejiang, stressing that the prevention of excessive price increases and large economic fluctuations.
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