TOKYO — The results of the major rubber exchanges for natural rubber were mixed during the trading week ending March 1, according to the Japan Exchange Group (JPX).
In its latest update on March 4, JPX said that the recent trend in NR has prompted the market to "position correction and profit-taking."
In Osaka, Japan, OSE rubber*** fell by almost 1% compared to levels at the end of last week.
However, the situation in China is different, with almost 1% of NR trading on the Shanghai Exchange and a small ** in INE.
JPX reported that the SHFE and INE markets "attracted speculative** buying interest, leading to an increase in long positions".
Meanwhile, in Singapore, SICOM** held steady and modestly on the back of short-covering activity.
According to JPX, traders had expected a consolidation and possibly a sideways trade "until a clearer direction emerges."
In other news, China's auto sales fell 14% month-on-month to just under 2.5 million units in January, but still rose 57% year-on-year.
JPX also noted that Bridgestone announced plans to exit the truck and bus tire business in China and instead focus on the high-end passenger car tire business in China.