Asian rubber futures settled mixed Tuesday after moving both ways under the influence of a stronger yen, weaker crude and tight physical supplies, said trade participants.
Prices were also supported by strong demand in Malaysia, which is a net exporter of the commodity.
Physical prices of the USS3 grade raw material in the central markets of Thailand rose above THB75 a kilogram due to weak arrivals. Some factories even offered THB77/kg outside the central market.
The benchmark Tocom RSS3 April contract settled Y2.8 lower at Y229.3/kg.
Prices recovered during the night session and the April contract ended at Y230.6/kg. Night session prices aren't included in intraday trading.
"The fall in crude oil below $79 a barrel triggered selling on Tocom," said a trader in Japan.
He said prices may rise above Y230/kg again due to strong global demand. His projection was confirmed when prices recovered during the night session.
The U.S. dollar was bid around Y89.50 with the yen hovering around a 15-month high against the greenback. A stronger yen generally puts downward pressure on Tocom prices.
Malaysia's natural rubber imports will likely rise 24%-34% this year, fueled by strong exports of compound rubber to China, Minister for Plantation Industries and Commodities Bernard G. Dompok told Dow Jones Newswires.
Imports this year are expected to reach 650,000-700,000 metric tons, Dompok said in an interview. Malaysia imported 523,000 tons of natural rubber in 2008.
On the demand side, Malaysian compound rubber exports have already surpassed 300,000 tons in the January-September period, mostly to China, versus 192,000 tons exported in the whole of 2008.
Dompok said Malaysian companies are importing natural rubber and processing it into compound rubber for exports. Around 95% of Malaysia's compound rubber exports are to China.
The new benchmark March contract on the Shanghai Futures Exchange settled CNY85 higher at CNY19,605/ton. China is world's largest consumer of rubber by volume.
On the Agricultural Futures Exchange of Thailand, the benchmark June RSS3 contract settled THB1.0 lower at THB80.70/kg.
Asian physical prices were higher on floods in Malaysia, and in Thailand amid strong demand, traders said.
"Demand is good because importers expect prices to rise further," said an analyst in Singapore.
Traders are making purchases even at current high levels, said a Thailand-based exporter. All major grades of rubber were offered above $2.40/kg.
Prices were also supported by strong demand in Malaysia, which is a net exporter of the commodity.
Physical prices of the USS3 grade raw material in the central markets of Thailand rose above THB75 a kilogram due to weak arrivals. Some factories even offered THB77/kg outside the central market.
The benchmark Tocom RSS3 April contract settled Y2.8 lower at Y229.3/kg.
Prices recovered during the night session and the April contract ended at Y230.6/kg. Night session prices aren't included in intraday trading.
"The fall in crude oil below $79 a barrel triggered selling on Tocom," said a trader in Japan.
He said prices may rise above Y230/kg again due to strong global demand. His projection was confirmed when prices recovered during the night session.
The U.S. dollar was bid around Y89.50 with the yen hovering around a 15-month high against the greenback. A stronger yen generally puts downward pressure on Tocom prices.
Malaysia's natural rubber imports will likely rise 24%-34% this year, fueled by strong exports of compound rubber to China, Minister for Plantation Industries and Commodities Bernard G. Dompok told Dow Jones Newswires.
Imports this year are expected to reach 650,000-700,000 metric tons, Dompok said in an interview. Malaysia imported 523,000 tons of natural rubber in 2008.
On the demand side, Malaysian compound rubber exports have already surpassed 300,000 tons in the January-September period, mostly to China, versus 192,000 tons exported in the whole of 2008.
Dompok said Malaysian companies are importing natural rubber and processing it into compound rubber for exports. Around 95% of Malaysia's compound rubber exports are to China.
The new benchmark March contract on the Shanghai Futures Exchange settled CNY85 higher at CNY19,605/ton. China is world's largest consumer of rubber by volume.
On the Agricultural Futures Exchange of Thailand, the benchmark June RSS3 contract settled THB1.0 lower at THB80.70/kg.
Asian physical prices were higher on floods in Malaysia, and in Thailand amid strong demand, traders said.
"Demand is good because importers expect prices to rise further," said an analyst in Singapore.
Traders are making purchases even at current high levels, said a Thailand-based exporter. All major grades of rubber were offered above $2.40/kg.
(Source: irco.biz)
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