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Rubber futures climbed to around 205 US cents per kilogram in late April, moving back toward 2017 highs, partly supported by steady demand from key consumer China. This was reflected in a year-on-year increase in capacity utilisation among sampled semi-steel and all-steel tyre producers, according to Chinese broker Longzhong Information. Meanwhile, elevated oil prices provided additional support as markets awaited developments ahead of the upcoming expiration of the two-week US–Iran ceasefire. Natural rubber prices are closely linked to crude oil, as higher oil prices increase production costs for synthetic rubber, making natural rubber relatively more attractive in comparison. Still, gains may be capped by expectations of rising supply as the tapping season approaches.

Rubber Futures Climb Toward 2017 Highs

Germany’s ZEW Indicator of Economic Sentiment plunged by 16.7 points to -17.2 in April 2026, marking its lowest level since December 2022 and falling far short of market expectations of -5. The sharp decline, following March’s third-largest monthly drop in the indicator’s history, reflects deepening pessimism as the escalating Middle East conflict weighs on Germany’s economic outlook. ZEW President Prof. Achim Wambach warned that the Iran war’s impact extends beyond rising prices, with fears of long-term energy shortages dampening investment and undermining government stimulus efforts. Sectoral expectations remain heavily affected: while the automotive industry stayed relatively stable (at -44.2), outlook for the chemical and pharmaceutical sectors (down 11 points) and steel and metal production (down 21 points) deteriorated sharply. Meanwhile, construction sector expectations slipped into negative territory, declining by 3.8 points.

German Economic Sentiment Falls to Over 3-Year Low

The ZEW Indicator of Economic Sentiment for the Euro Area dropped sharply by 11.9 points to -20.4 in April 2026, its lowest level since December 2022 and well below expectations of -3.6. The decline reflects growing concern over the escalating conflict in the Middle East, which is increasingly seen as a risk to energy prices and supply chains across Europe, raising fears of longer term energy shortages for businesses. In March, 44% of analysts expected no change in economic activity, while 38.2% anticipated a deterioration and 17.8% expected improvement. The assessment of the current situation also weakened, with the index falling 13.1 points to -43, while inflation expectations remained broadly unchanged at 79.

Eurozone Investor Morale Lowest since Dec 2022

Lead increased to 1992.00 USD/T, the highest since February 2026. Over the past 4 weeks, Lead gained 5.1%, and in the last 12 months, it increased 3.62%.

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