Asian rubber futures settled higher Wednesday, rising by as much as 4% to a one-month high on short covering and fresh buying amid spillover support from crude oil, trade participants said.
The benchmark Tocom July RSS3 rubber contract continued to rise after a brief trading halt triggered by hitting the initial upper limit--a rise of Y10--and settled Y11.2 higher at Y298.1 a kilogram.
However, prices eased slightly in the night session, with the July contract settling at Y295/kg. Night session prices aren't included in intraday trading.
The Shanghai Futures Exchange is closed due to weeklong holidays, but strong fundamental cues from producing countries are supporting prices.
Daily arrivals of USS3 raw material in the three central markets of Thailand totaled less than 100 metric tons, and factories are having difficulty sourcing their requirements--even with prices around THB100/kg.
Prices may go up further, a Bangkok-based rubber industry official said.
It's hard to forecast rubber supply this year due to the unusual weather, he said.
Instead of starting from the north of Thailand as is the usual trend, the wintering season first emerged in the southern region, where around 70% of the country's natural rubber is produced, he added.
Wintering is characterized by a reduced yield of raw material owing to dry weather.
The benchmark September contract on the Agricultural Futures Exchange of Thailand settled THB1.8 higher at THB106.80/kg.
Physical rubber prices continued to rise due to tight supply because of the wintering season.
(Source: irco.biz)
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