Continued strong increase on the exchange

Rubber prices today, November 7, recorded a sharp increase on some exchanges after a private sector survey showed China's service activity grew at its fastest pace in three months.

World market

Japanese rubber futures rose for a second straight session, hitting a one-week high, helped by upbeat economic data from top rubber consumer China and a weaker yen.

The price of RSS 3 rubber contract for March 2025 delivery at the Osaka Exchange (OSE) in Japan stood at 360 yen/kg, up 2.8% (9.9 yen/kg) compared to the previous trading session.

On the Shanghai Commodity Exchange (SHFE) - China, the price of natural rubber contract for delivery in January 2025 also increased by 1.3%, equivalent to 235 yuan/ton, to 18,125 yuan/ton.

However, the price of RSS 3 rubber futures for December delivery in Thailand continued to decrease by 0.8% to 78.77 Baht/kg.

Domestically, the purchase price of rubber latex of Phu Rieng Rubber Company today decreased by 5 VND/DRC, down to 435 VND/DRC; latex also decreased by 5 VND/TSC, at 480 VND/TSC.

Chinese financial website Hexun Futures said that despite strong expectations of increased supply from overseas production areas, yesterday's macro factors boosted rubber futures prices, increasing trading enthusiasm in the market and supporting rubber prices.

A private sector survey showed China's services activity grew at its fastest pace in three months in October, a sign that Beijing's massive economic stimulus is helping improve business conditions.

As Americans head to the polls in one of the most closely contested presidential elections in decades, China is bracing for an outcome that, regardless of who wins, will be four years of fierce competition between the superpowers on trade, technology and security issues.

The dollar rose 0.68% to 152.64 yen JPY/USD, as early exit polls in the US presidential election appeared to give Republican candidate Donald Trump an advantage.

A stronger yen makes yen-denominated assets less accessible to overseas buyers, according to Reuters.

Meanwhile, the US Federal Reserve (FED) is expected to cut interest rates by another 25 basis points on November 7, according to the forecast of all 111 economists participating in the Reuters survey. More than 90% of them continue to forecast another 25 basis point rate cut in December.

Since the Fed began its easing cycle last month with a 50 basis point cut to the federal funds rate, bringing it to 4.75% to 5%, economic data including consumer spending and employment data have been positive. The Fed’s next policy meeting is scheduled to take place shortly after the US presidential election on November 5.

Domestic market

Domestically, the purchase price of rubber latex of Phu Rieng Rubber Company today decreased by 5 VND/DRC, down to 435 VND/DRC; latex also decreased by 5 VND/TSC, at 480 VND/TSC.

At other companies, prices remained stable compared to yesterday. Accordingly, Ba Ria Rubber Company reported purchasing prices for liquid latex at 465 - 475 VND/TSC; DRC coagulated latex (35 - 44%) reached 15,700 VND/kg; raw latex fluctuated at 19,500 - 21,000 VND/kg.

Similarly, the purchasing price of Mang Yang Rubber Company remained stable at 443 - 447 VND/TSC for liquid latex; mixed coagulated latex reached 406 - 461 VND/DRC.

Source: https://baodaknong.vn/gia-cao-su-hom-nay-7-11-tiep-tuc-tang-manh-tren-san-giao-dich-233670.html