MXV-Index Rises Amid Rubber Price Surge, Corn Prices Plunge
The commodity market saw mixed performance on September 30th, with the MXV-Index rising 0.2% to 2,925 points. Rubber prices hit a 13-year high, with TSR 20 rubber reaching its highest level since May 2013.
Natural rubber prices continued their upward trend due to persistently high synthetic rubber prices and the risk of production disruptions caused by unfavorable weather and aging plantations in key Southeast Asian regions.
The Strait of Hormuz conflict has disrupted traffic, driving up crude oil costs and forcing petrochemical complexes to cut capacity, leading to a shortage of butadiene, a crucial ingredient in synthetic rubber production.
This scarcity has led to sharply increased butadiene prices, causing downstream businesses to switch to natural rubber, boosting demand for TSR20 rubber. Weather conditions in Thailand have also hampered rubber tapping and harvesting progress, reducing export volume by 10% in the first eight months.