IRCo's DCP recovered throughout the week and returned to stay above its 14-day moving average again on Friday while cash prices on physical markets in the region also followed suit as well as Thai rubber futures (AFET) and Shanghai rubber futures but Tokyo rubber futures after rubber market fundamentals could outweigh bearish market sentiments over the week.
Global stock markets still wobbled in the wake of persistent geopolitical turmoil in the Arab world and the latest report on a leak of radioactive water in and around the Fukushima Daiichi nuclear complex on the weekend. However, a report on better-than-expected U.S. economic growth of 3.1% in 4Q10 and high U.S. corporate earnings could lend support for the global stock markets somewhat.
Oil prices continued rising and ended the week on Friday at US$105.40 a barrel on Nymex due to investors' concern about oil supply disruption in the coming months. Barclays Capital analysts late Thursday forecast Brent crude would hit US$120 a barrel in 2Q11, with the U.S. benchmark averaging US$133 a barrel. On the following day, J.P. Morgan analysts warned that higher oil supplies from OPEC would be needed to meet summer demand, and Brent crude is likely to reach US$130 a barrel.
On the forex market, the Japanese yen, Thai baht, Indonesian rupiah, and Malaysian ringgit moved firmly over the week without much interference from the dollar and euro. The Japanese yen stayed in a range of about 81 yen a dollar while the Thai baht, Indonesian rupiah and Malaysian ringgit stayed at around 30.26 baht, 8,714 rupiah, and 3.27 ringgit against a dollar.
(Source: http://www.irco.biz/MarketWise.php)
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