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, many trading executives said separately Tuesday.
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.
RSS3 grade natural rubber deliveries on the Singapore Commodity Exchange for the February contract are estimated at 2,800 tons, said a senior trading executive.
Deliveries for TSR20 grade rubber are estimated around 2,100 tons, of which 1,900 tons were bought by a single buyer, Eastland Produce, said the executive, who didn't want to be named.
Sicom doesn't disclose the details of deliveries, but trading executives said there was a strong interest among members in selling cargoes on the exchange before any further fall in prices.
Sicom's February RSS3 contract expired Jan. 29 at 303 cents a kilogram and TSR20 contract at 300 cents/kg, sharply lower than 322 cents/kg and 314 cents/kg reached 10 days before expiry.
Traders said the deadline for completing delivery formalities, including the submission of performance deposits, was Monday.
According to one of the trading executives, Sri Trang International was the main seller of RSS3, selling around 1,940 tons at prices between a 1.5 U.S cents/kg discount or 0.25 cent premium over the settlement price, depending on the port of loading.
Marubeni International sold 800 tons of RSS3 grade rubber, all to Eastland Produce.
In the TSR20 category, around 600 tons of Indonesian origin rubber were sold by Primetrade Ltd., including 400 tons to Eastland Produce, which also made purchases from Sri Trang International, Marubeni International and Kanetsu Singapore.
(Source: irco.biz)
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