IRCo's DCP rose consecutively to stay at 590.54 US cents/kg on Friday while both rubber futures and physical markets also followed suit due mainly to persistently strong market fundamentals and bullish sentiment on rubber futures. Thailand's RSS3 price has breached a US$6.0 price since 8 February while TSR20 prices in the region also followed the RSS3 price closely.
Shanghai rubber futures hit a record high of 43,500 yuan/ton (US$6,639/ton) before settling at 42,215 yuan/ton (US$6,443/ton) on its first re-opening Wednesday after the week-long Lunar New Year holiday break despite the People's Bank of China (PBOC) raised one-year lending and deposit rates by 25 basis points, to 6.06% and 3.0%, effective from 9 February.
The resignation of Egyptian President Hosni Mubarak on Friday made the global society comfortable. Global stock markets bounced up, crude oil futures retreated, and the greenback strengthened against its rivals, including the Japanese yen and most Asian currencies.
There was the rubber news on Tokyo rubber futures given by a Tokyo - based commodities brokerage executive and reported by Dow Jones newswires on Thursday saying that, "there are a few big players on the buy side, like funds and big speculators..." We worry that if boards of commodity exchanges still allow speculators to manipulate rubber futures as free riders, commodity exchanges will become legal casinos. Consequently, the global rubber industry will suffer.
(Source: http://www.irco.biz/MarketWise.php)
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