Asian rubber futures settled mostly higher Tuesday on tightening supplies due to wintering and strong demand for physical rubber, said trade participants.
The benchmark July contract on Tocom settled Y3.6 higher at Y270.2 a kilogram.
Prices continued to rise in the night session, with the July contract settling at Y273/kg. Night session prices aren't included in intraday trading.
Traders said Tocom gained on short covering and strong physical demand, with spillover support from other commodities such as crude oil. There was also some bargain hunting after Tocom RSS3 rubber futures fell sharply, breaching the first daily lower limit Friday and extended losses to hit a seven-week low Monday.
Natural rubber futures on the Shanghai Futures Exchange settled unchanged after short covering and bargain hunting helped recoup early losses.
Shanghai Jiuheng Futures analyst Zhang Fangfang said natural rubber futures may consolidate before the Lunar New Year holiday. However, the medium and long-term outlook for rubber remains bullish with solid auto sales expected to continue this year in China.
The benchmark September contract on the Agricultural Futures Exchange of Thailand settled THB1.20 higher at THB98.70/kg on technical buying.
Thai USS3 rubber traded slightly higher on reduced supply due to the wintering season, when falling leaves and lower yields result in lower availability of natural rubber.
In other news, the state-run Vietnam Rubber Group said it will expand its rubber plantations in Laos, Cambodia and Myanmar to 100,000 hectares by 2012. VRG is also considering the development of rubber plantations in South Africa.
Vietnam is forecast to export 750,000 tons of rubber this year, up 2.5%, state media reported, citing the Vietnam Rubber Association. China will likely buy around 70% of Vietnam's total export volume.
Natural rubber deliveries on the Singapore Commodity Exchange rose to 4,900 metric tons, one of the highest levels in several months, as exporters scrambled to deliver cargoes ahead of any further fall in prices, said trading executives.
Prices have declined 5%-6% in the run-up to the expiry of February contracts amid concerns over tightening of monetary policy in China and proposed new rules for U.S. banks to participate in proprietary trading.
Singapore-based trading company Eastland Produce bought a total of 1,280 tons of RSS3 natural rubber from two companies through physical delivery on Sicom.
Eastland also bought 1,900 tons of the 2,100 tons of TSR20 rubber that was delivered for the February contract on Sicom, making it the largest buyer for the month.
(Source: irco.biz)
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