IRCo's DCP entered into a consecutive second week of gains by 8.94 US cents per kg. to rise above US $3.00 per kg. after two weeks of hovering below this level.
Supply continued to be tight even though it was off-wintering season. Demand remained strong with most consumers at very tight inventory positions.
Overall sentiments were positive and strong as worries of the eurozone contagion simmered down pushing both futures and equity markets into recovery, along with prices for crude oil. Regional currencies were mixed against the greenback with gains notched by the Indonesian rupiah and Malaysian ringgit but not the Thai baht. The Japanese yen also slipped against the the US dollar.
The markets in the region were closed on Friday, 28 May for the Buddhist Vesak Day.
(Irco.biz)
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