S'pore rubber market quiet

S'pore rubber market quiet

SINGAPORE (Reuter): Singapore rubber futures were marked higher by midsession yesterday but trading was quiet with most houses closing early ahead of the long New Year holiday.

Traders said firm sentiment on the cash market on pre-holiday shortcovering helped futures prices.

Some dealers scrambled to buy Indonesian SIR20 rubber to cover their positions during the long holiday closure. Persistent rains in growing areas especially in Malaysia also provided further background support.

"SIR20 moved up on dealer covering in view of the holidays," one said. "We are also seeing more rains in Malaysia."

They heard Feb SIR20 changing hands at between 71.50 and 72 U.S. cents a lb overnight.

Traders said China was not in the market yesterday although one trader said Chinese buyers did buy some Thai Feb RSS3 rubber at 157 U.S. cents a kg overnight.

By 0445 GMT, Feb RSS3 was valued at 159 U.S. cents a kg against 157.75 U.S. cents last settled.

The local market will be closed on Monday for New Year holiday, reopening on Tuesday.