IRCo's DCP rose slightly to 470.26 US cents/kg on Friday while cash rubber prices in Thailand, Indonesia, and Malaysia also followed suit due to firm market fundamentals. However, rubber futures in the region still wobbled because of volatile crude oil futures and Japanese yen against the greenback that convinced market players to be on the sidelines.
Worries about the Greek debt situation after Fitch Ratings downgraded Greece's credit rating on Friday, concern over the future of the power sector and a sharp decline in Japanese GDP in 1Q11, and weak U.S. manufacturing data outweighed major stock markets, i.e. Wall Street, Shanghai and Tokyo Stock Exchanges to end the week lower than an earlier week.
The greenback strengthened against the euro and Japanese yen as forex investors foresaw uncertainty of the European and Japanese economies, while Thai baht, Indonesian rupiah, and Malaysian ringgit strengthened slightly against the greenback due to their steady economic growth.
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