Rubber futures prices adjusted in opposite directions

Rubber price forecast on May 31, 2024: Continue the huge increase? Rubber price on May 31, 2024: World market fluctuates inconsistently

Updated world rubber prices at 6:00 a.m. on August 29, 2024 (Vietnam time), according to the latest records, rubber futures prices on the TOCOM and SHFE exchanges increased sharply. In particular, the rubber futures price for September 2024 delivery on the TOCOM exchange had the highest increase of 3.39%.

At the Tokyo Commodity Exchange (TOCOM), RSS3 rubber prices continued to remain high, fluctuating at 371.80 - 380.90 JPY/kg.

Giá cao su ngày 29/8: Giá cao su kỳ hạn điều chỉnh trái chiều

RSS3 rubber price on TOCOM exchange, Tokyo. (Photo: Screenshot giacaphe.com)

Specifically, the price of RSS3 rubber futures contract for September 2024 delivery increased sharply by 3.39%, recorded at 380.9 yen/kg (equivalent to an increase of 12.9 yen/kg). The October term increased by 0.03%, recorded at 376.5 yen/kg; the November term increased by 3.30%, recorded at 373.2 yen/kg; the December 2024 term decreased by 0.19%, recorded at 370.4 yen/kg; the January 2025 term decreased by 0.05%, recorded at 371.8 yen/kg.

Natural rubber prices on the SHFE exchange, Shanghai. (Photo: Screenshot giacaphe.com)

Similarly, the price of natural rubber on the Shanghai Futures Exchange (SHFE) also increased in terms, ranging from 15,395 - 16,820 CNY/ton.

Specifically, the September 2024 term increased by 0.62% to 15,395 yuan/ton; the October 2024 term increased by 0.49% to 15,440 yuan/ton; the November 2024 term increased by 0.52% to 15,505 yuan/ton; the January 2025 term increased by 0.45% to 16,750 yuan/ton; the March 2025 term increased by 0.54% to 16,820 yuan/ton.

According to the Import-Export Department, Ministry of Industry and Trade, the price of raw rubber has not fluctuated much, specifically Phu Rieng Rubber Company reported a purchase price of 345-390 VND/TSC. Ba Ria Rubber Company reported a purchase price of 375-385 VND/TSC. Mang Yang Rubber Company reported a purchase price of 367-372 VND/TSC, stable compared to the end of July 2024.

The Association of Natural Rubber Producing Countries (ANRPC) has revised up its forecast for global rubber demand to 15.74 million tonnes; while at the same time, it has revised down its forecast for global natural rubber supply for the entire year to 14.50 million tonnes. This will result in a global shortage of 1.24 million tonnes of natural rubber this year.

According to statistics from the General Department of Vietnam Customs, in July 2024, Vietnam's rubber exports reached 186.03 thousand tons, worth 307.91 million USD, up 21.2% in volume and 24.7% in value compared to June 2024; compared to July 2023, it still decreased by 15.3% in volume, but increased by 7.3% in value, this is the fourth consecutive month that rubber exports decreased compared to the same period in 2023. In the first 7 months of 2024, Vietnam's rubber exports reached 912.72 thousand tons, worth over 1.41 billion USD, down 7.5% in volume, but up 5.9% in value compared to the same period in 2023.

The average export price of rubber reached 1,655 USD/ton, up 2.9% compared to June 2024 and up 26.8% compared to July 2023. In the first 7 months of 2024, the average export price of rubber reached 1,551 USD/ton, up 14.5% over the same period in 2023.

China is still Vietnam's largest rubber export market, accounting for 68.62% of the country's total rubber exports, reaching 127.66 thousand tons, worth 206.73 million USD, up 17.4% in volume and 21.5% in value compared to June 2024.

However, compared to July 2023, it still decreased by 27.2% in volume and 8.6% in value. This is the sixth consecutive month that the amount of rubber exported to China has decreased compared to the same period in 2023.

The average price of rubber exported to China was 1,619 USD/ton, up 3.5% compared to June 2024 and up 25.5% compared to July 2023. In the first 7 months of 2024, Vietnam exported 617,030 tons of rubber to China, worth 924.63 million USD, down 18.6% in volume and 8.2% in value compared to the same period in 2023.

Regarding the Chinese market, according to data from the Chinese Customs Administration, in June 2024, China imported nearly 490.9 thousand tons of rubber worth 849.4 million USD, down 24.8% in volume and 13% in value compared to the same period in 2023. This is the fourth consecutive month that China's rubber imports have decreased compared to the same period in 2023.

Source: https://congthuong.vn/gia-cao-su-ngay-298-gia-cao-su-ky-han-dieu-chinh-trai-chieu-342224.html