Rubber prices firm in S'pore, Kuala Lumpur<\/p>\n
SINGAPORE (Reuter): Singapore rubber futures maintained early
\ngains by the finish yesterday, encouraged by continued advance in
\nTokyo and firm regional cash prices, traders said.<\/p>\n
But dealings were razor-thin as most houses closed early
\nyesterday ahead of a trade gathering in Malacca this weekend.<\/p>\n
By 0945 GMT, Dec RSS3 was untraded but January rubber was
\ndealt at US$1.50 a kg, up from $1.49 overnight.<\/p>\n
Jan-March RSS1 was traded at 213 Singapore cents (US$1.51) a
\nkg versus 212 cents last settled. TSR20 sector was neglected.<\/p>\n
Traders said the Singapore's run-up followed further rises in
\nTokyo despite firmer yen against the U.S. unit.<\/p>\n
By the finish, benchmark April was 2.2 yen up at 156.4 yen a
\nkg and near the immediate upside target of 158.1 yen.<\/p>\n
Cash prices were marked higher but traders said buying was not
\nbrisk as most consumers were sidelined due to high prices.<\/p>\n
Except for some light buying by Bridgestone and Michelin,
\nother major tyre manufacturers were absent.<\/p>\n
Indonesia's Dec SIR20 rubber FOB Belawan was traded at 63.50
\nU.S. cents a lb and was further offered at 64 cents this morning.
\nPrices at other Indonesian ports were around 63 cents. Traders
\nsaid near-term trend remained firm but activity could be slow in
\nanticipation of significant news.<\/p>\n
In Kuala Lumpur, rubber prices ended higher, extending the
\nfirmer trend on shortcovering and underlying firm fundamentals,
\nbut trading was limited by lack of players' participation,
\ndealers said.<\/p>\n
Most traders were not in the market as they head for the
\nsouthern Malacca state to attend a trade dinner and the ASEAN
\nrubber traders' meeting this weekend.<\/p>\n
\"The market is quiet and we are not trading anything because
\nof lack of interest,\" a dealer said.<\/p>\n
Rebound<\/p>\n
But prices will rebound after a brief adjustment, as the
\nunderlying sentiment remains firm due to a continuing shortage of
\nrubber supplies because of rains.<\/p>\n
Nov RSS Ones buyer rose five cents to 378 cents ($1.49) a kg
\nand Nov SMR20 buyer up 1.50 cents at 357.50 cents.<\/p>\n
INRO's five-day moving average price was quoted at 286.30
\nMalaysian\/Singapore cents a kg on Oct 26 against 284.78 on Oct
\n25. Daily indicator price was 288.71 against 287.00.<\/p>\n
In Bangkok, rubber prices firmed on higher prices in Japan and
\nrising local demand as exporters and factories scrambled for
\nsupplies, traders in southern Thailand said.<\/p>\n
\"The market is still bullish on strong fundamentals and
\ntechnicals,\" said one trader.<\/p>\n
Thai benchmark RSS-3 firmed to around $1.50\/kg-$1.51\/kg for
\nDecember-March shipment compared with around $1.41\/kg-$1.42\/kg
\nlast week, the traders said.<\/p>\n
Traders said the supply of raw material was improving as rains
\nwere ending, but exporters scrambling to fill orders and local
\nfactories were competing for supplies.<\/p>\n
\"There's a lot of delay (in filling export orders) from
\nThailand because of the tight supplies over the last one or two
\nmonths,\" one of the traders said. \"Exporters and factories are
\nfighting to buy raw materials.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rubber-prices-firm-in-spore-kuala-lumpur-1447893297",
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"sponsor": "Okusi Associates",
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