TOKYO, May 24 The Tokyo Commodity Exchange index of plastic on Thursday extended losses following the overnight oil price decline, as well as Shanghai and Singapore rubber market weakness, while the debt crisis in Europe continues to lead to global demand worries.
As of 0045 GMT, indicators The Tokyo Commodity Exchange rubber contract in October fell 0.7 yen or 0.3 percent to 268.9 yen per kg. The contract in early trade fell to 265.4 yen. The Japanese stock market on Thursday plate lower primary l, recovering part of the trading day decline for U.S. stocks, fell l, but investors are still beware of Greece may withdraw from the euro zone.
A number of euro zone sources said on Wednesday that euro-zone countries are required to prepare a contingency plan to prevent the emergence of final exit from the euro situation in Greece.
U.S. crude oil futures fell more than 2 percent, to close to a five-month low below $ 90 a barrel as Iran and the West of the six countries in consultation ease concerns about supply disruptions and unrest caused by the slowdown in global growth markets worried about oil demand could be curbed.
European debt crisis will suppress demand for rubber this year, and to promote the tire manufacturers to reduce inventory, and Chinese demand will depend on the government to stimulate the economy.
The world’s second-largest tire manufacturer – Michelin announced first-quarter revenue growth of 5.1% jump in prices and professional tire sales helped offset weak demand in Europe.
Translated by Google Translator from http://news.cria.org.cn/4/8761.html
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