The benchmark prices for Feb. and Jul. deliveries on Tokyo rubber futures (Tocom) hit new record highs above a 500 yen/kg level on 4 Feb. while cash prices on physical markets followed suit except for Shanghai rubber futures, which still closed until 8 Feb. for the Lunar New Year holidays break.
The currently main factors which lend support for the rises on both markets are high crude oil futures, an upbeat U.S. economic data on a decline in an unemployment rate and an increase in nonfarm payrolls in January, flooding in Southern Malaysia, strengthening Asian currencies against the greenback, supply tightness and steady demand for rubber in the rubber market, particularly China and India.
| DESCRIPTION | 4 Feb | 7 Feb | 8 Feb | CHANGE ** | % CHANGE | UNIT | ||||||
| IRCo's DCP | - | 576.34 | 579.19 | - | - | US cents/kg | ||||||
| TOCOM/RSS3 * | ||||||||||||
| - Feb. 11 | 504.70 | 498.70 | 503.00 | -1.70 | -0.34% | Yen/kg | ||||||
| - Jul. 11 | 502.90 | 490.80 | 498.90 | -4.00 | -0.80% | Yen/kg | ||||||
| SHFE/RSS3 *** | - | - | - | - | - | Yuan/ton | ||||||
| AFET/RSS3 | ||||||||||||
| - Mar. 11 | 185.10 | 187.00 | 188.00 | 2.90 | 1.57% | THB/kg | ||||||
| - Sep. 11 | 187.15 | 187.00 | 187.80 | 0.65 | 0.35% | THB/kg | ||||||
| RRIT **** | ||||||||||||
| - RSS3 | 184.30 | 184.30 | 186.05 | 1.75 | 0.95% | THB/kg | ||||||
| - STR20 | 174.55 | 174.55 | 175.55 | 1.00 | 0.57% | THB/kg | ||||||
| SIR20 ***** | 559.25 | 568.00 | 570.00 | 10.75 | 1.92% | US cents/kg | ||||||
| SMR20 ***** | - | 570.00 | 568.00 | - | - | US cents/kg |
Source: IRCo
Note: * Day sessions
** Change between 4 Feb. and 8 Feb. 2011
*** The highest daily trading volume was May 2011
**** RRIT means Rubber Research Institute of Thailand
***** Offer, f.o.b., Asian physical rubber prices for Feb./Mar. delivery, Dow Jones
- Closed on Public Holiday
Rubber prices on most markets on 7 Feb. retreated from their fresh record highs on 4 Feb. in the wake of softening crude oil futures in expectation of easing political tensions in Egypt and profit-taking on rubber futures. However, strong market fundamentals pulled back both rubber futures and physical markets to higher levels on 8 Feb. than the previous day despite they were capped by weaker crude oil futures. In addition, IRCo’s DCP rose to 579.19 US cents/kg on 8 Feb., and it is expected to reach 600 US cents/kg soon.
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