Capital Market / 14:59 , Jun 17, 2010
Natural rubber output in Malaysia, the world's third- largest grower, may surge 17 percent this year as rising prices prompt farmers to increase tapping, offsetting crop damage from drought, the Malaysian Rubber Board said.
Natural rubber production this year may climb to as much as 1 million metric tons, Salmiah Ahmad, director general of the Malaysian board, said. That is more than the 900,000 tons forecast by the nation's Plantation Industries and Commodities Ministry in May. Output last year was 856,189 tons.
Price Movement:
Rubber declined for the first time in six days as a stronger Japanese currency reduced the appeal of yen-denominated contracts and output in major producing countries increased. Futures in Tokyo dropped after reaching a two-week high yesterday. The yen advanced amid concern that Europe's debt crisis will impair the region's economic recovery, boosting demand for Japan's currency as a refuge.
(indiainfoline.com)
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