Goodyear buys RI rubber

Goodyear buys RI rubber

SINGAPORE (Reuter): Goodyear Tire is said to have engaged in small-lot buying for Indonesian rubber while the Singapore rubber market remained dull yesterday due to thin demand, dealers said.

"I hear Goodyear clinched some deals in Indonesia at 51.75 (U.S. cents a lb)," one dealer for a Singapore-based commodity house said. Dealers said the purchase was most likely for forward delivery.

Dealers said the official Thai Rubber Estate Organization is also said to be looking to buy 6,500 tons of RSS3 grade rubber, but no deals appear to have been concluded yet.

"The Thais are still optimistic about the market," a dealer for a European house said. "But the Indonesians and Malaysians are not so optimistic about the current level of prices."

Trading in the local market remained thin, except for some shortcovering for TSR20 rubber, dealers said.