Rising oil prices lead to rubber prices up
Rising oil prices pulled a series of other commodities up in the last trading session, including gold, steel and rubber.
According to the US Energy Information Agency, crude oil inventories of this country rose to the highest level since November 2017 due to increased imports, while gasoline stocks fell to the lowest level since September 2017 Specifically, crude oil inventories increased by 7 million barrels, three times the level of reserves of 2.3 million barrels of analysts. However, gasoline stocks fell 7.7 million barrels, more than three times the forecast of 2 million barrels.
Construction steel price in China in the last session is still the highest level since September 2011 in the context of demand improved.
Ending the session, rebar ten month of October 2019 increased by 0.4% to 3.774 CNY / ton, the 8th increase in the context of increasing demand in China. Hot rolled coil closed at CNY 3.690 / ton, compared to 3.687 CNY in the previous session.
Rubber prices in the Tokyo market increased in the last session because of expectations of stimulating policies for automobile consumption in China. At the end of the last session, rubber in September 2019 period on Tokyo exchange increased JPY 4.3 (USD 0.0387) to 191.9 JPY / kg. In the same trend, the contract price in September 2019 on the Shanghai floor increased by 230 CNY (34.24 USD) to 11.955 CNY / ton.
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