Some quantities of Thai and Malaysian rubber were sold to tyre makers at prices not seen since September 2008 as rallies in Tokyo futures lifted the physical market in Southeast Asia, dealers said on Thursday.
Thai RSS3, STR20 and Malaysian SMR20 was traded late on Wednesday at $3 a kg for nearby shipment and dealers also noted buying interest from China, the world's largest rubber consumer.
"Chinese buyers and major tyre makers have come to the market to buy rubber at $3," said a dealer in Thailand's southern city of Hat Yai.
Tokyo rubber futures rose to a 15-month high for the fourth straight day on Thursday on speculative buying, helped by optimism on the auto sector, higher oil prices and steady demand from China.
The key Tokyo Commodity Exchange rubber contract for June delivery rose as high as 297.2 yen per kg, its strongest since September 2008.
Indonesia's SIR20 was traded at 135 U.S. cents per pound for February shipment.
(Source: irco.biz)
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