Asian rubber market haunted by crisis<\/p>\n
SINGAPORE (Reuters): Rubber futures on the Singapore Commodity
\nExchange (SICOM) were trapped in a bear den yesterday on
\nexpectations of further falls, dealers said.<\/p>\n
\"The market is really very quiet. The volume is not very good.
\nDemand is negligible ahead of Christmas,\" said a dealer with a
\nmajor trading house.<\/p>\n
Asia's rubber market remained haunted by the regional economic
\ncrisis, which saw further battering of currencies on Tuesday,
\nnotably of the Indonesian rupiah and the South Korean won.<\/p>\n
On SICOM, the tire-grade RSS3 February contract settled at
\n66.25 U.S. cents per kg against 66.75 on Monday.<\/p>\n
The February TSR20 FOB contract was at 75.50 U.S. cents per kg
\ncompared to 76.00 previously.<\/p>\n
In Jakarta, Indonesian tire-grade SIR20 rubber prices
\ncontinued to fall in late trading on Tuesday amid a bleak outlook
\nand a lack of fresh factors, traders said.<\/p>\n
\"Offer prices are falling again. We are now also watching the
\nfall of the rupiah against the U.S. dollar, which will eventually
\naffect the market,\" said one trader in Jakarta.<\/p>\n
Offer prices for February shipment were mostly quoted at 33.50
\nU.S. cents\/lb in centers such as Medan, Surabaya and Palembang.<\/p>\n
The Indonesian rupiah fall to a record low against the dollar,
\nplunging almost 11 percent on the day as wild rumors about
\nPresident Soeharto's health hit the foreign exchange market.<\/p>\n
The rupiah hit a historic low of 4,600, down 450 points from
\nan opening of 4,150 to the dollar. It settled at 4,550\/65 to the
\ndollar in Jakarta.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-rubber-market-haunted-by-crisis-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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