China Buyers Cancel Some Rubber Cargoes on Prices, Okachi Says
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Chinese buyers have canceled or delayed some natural rubber shipments after prices slumped and demand weakened, according to traders at Okachi & Co. and Tower Commodities Co.
Prices tumbled 20 percent in the past three months on concern the Europe debt crisis may derail the global recovery. Tightened China liquidity and weak conditions might cause prices to drop further, leading to more cancellations, said Lizhi Tang, president of the Okachi & Co.’s greater China region.