Rubber price today October 10, 2024: World price drops sharply
World rubber prices on October 10, 2024 fell sharply. At the Tokyo Commodity Exchange (TOCOM), RSS3 for October 2024 delivery remained at 417 yen/kg, while that for November 2024 delivery fell 6 yen (1.46%) to 405 yen/kg. On the Shanghai Futures Exchange (SHFE), natural rubber futures for October 2024 fell 295 CNY (1.68%) to 17,300 CNY/ton, while that for November 2024 fell 325 CNY (1.82%) to 17,510 CNY/ton.
The Association of Natural Rubber Producing Countries (ANRPC) lowered its 2024 supply forecast from 14.54 million tons to 14.5 million tons, due to unfavorable weather conditions when El Nino switched to La Nina and widespread leaf fall disease. Rubber production is also affected by countries such as Thailand and Indonesia cutting planting areas and converting land to higher-value crops.
In Vietnam, many businesses are converting rubber plantation land to industrial park land to achieve better economic efficiency. ANRPC forecasts that world rubber production in 2024 will increase by only 0.4%, while production in member countries will decrease by 0.6%.
In terms of demand, ANRPC has raised its 2024 forecast from 15.67 million tons to 15.75 million tons, thanks to expectations of a recovery in consumption from China due to policies supporting economic growth. Global rubber demand is expected to increase by 2.3% in 2024.
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