Rubber standstill on RI

Rubber standstill on RI

SINGAPORE (Reuters): Fears of more riots in Indonesia are likely to keep rubber players on the sidelines but prices could be supported by such worries, Asian traders said yesterday.

"There hasn't been any spot impact so far but sentiment is very nervous and prices should not go down. Everyone is waiting to see what will happen in Indonesia next," said one Singapore- based trader.

Indonesian traders expected a quiet market after last week's riots in Jakarta.

On Monday, hundreds of Indonesian students moved on House of Representatives to renew their clamor for President Soeharto to quit.

"Until we are really sure that Jakarta is safe, then the market will stay quiet," said one trader in Jakarta.

"We don't expect anything today. We just hope things will get better," said the trader.

July tire-grade SIR20 was on offer on Friday at 30.50-33.00 U.S. cents/lb fob Medan and 32.00 fob Padang.