Investors liquidated their long positions for profit-taking on Tokyo and Shanghai rubber futures in the wake of persistently various bearish market sentiments that pulled down cash prices across the board on 28 February.
The two rubber futures rebounded on the following day due mainly to a rally on Wall Street, stabilizing oil prices and a weaker Japanese yen against the greenback, but rubber futures in Thailand (AFET) and cash prices in the region continued falling further as most buyers stayed on the sidelines.
| DESCRIPTION | 28 Feb | 1 Mar | 2 Mar | CHANGE ** | % CHANGE | UNIT | ||||||
| IRCo's DCP | 547.50 | 546.56 | 546.45 | -1.05 | -0.19% | US cents/kg | ||||||
| TOCOM/RSS3 * | ||||||||||||
| - Mar. 11 | 499.50 | 506.00 | 506.00 | 6.50 | 1.30% | Yen/kg | ||||||
| - Aug. 11 | 466.40 | 477.10 | 475.90 | 9.50 | 2.04% | Yen/kg | ||||||
| SHFE/RSS3 *** | 38,825 | 39,505 | 38,875 | 50 | 0.13% | Yuan/ton | ||||||
| AFET/RSS3 | ||||||||||||
| - Apr. 11 | 180.00 | 179.50 | 183.00 | 3.00 | 1.67% | THB/kg | ||||||
| - Oct. 11 | 170.10 | 168.60 | 173.25 | 3.15 | 1.85% | THB/kg | ||||||
| RRIT **** | ||||||||||||
| - RSS3 | 189.25 | 186.25 | 186.25 | -3.00 | -1.59% | THB/kg | ||||||
| - STR20 | 169.30 | 168.30 | 168.30 | -1.00 | -0.59% | THB/kg | ||||||
| SIR20 ***** | 529.00 | 524.00 | 521.00 | -8.00 | -1.51% | US cents/kg | ||||||
| SMR20 ***** | 532.00 | 530.00 | 525.00 | -7.00 | -1.32% | US cents/kg |
Source: IRCo
Note: * Day session
** Change between 28 Feb. and 2 Mar. 2011
*** The highest daily trading volume was May 2011
**** RRIT means Rubber Research Institute of Thailand
***** Offer, f.o.b., Asian physical rubber prices for Apr/May. delivery, Dow Jones
On 2 March, Tokyo and Shanghai rubber futures and cash prices in the region retreated again except for rubber futures and cash prices in Thailand after crude oil futures on New York Mercantile Exchange breached a US$100 level and settled at US$102.23 per barrel.
Concern over rising oil prices amid unsettled uprisings in the Middle-East and North Africa still casts a cloud over the global economy because costs of production and services and inflation are rising everywhere in the world. Consequently, the global economy could return to the brink of stagnation if oil prices continue rising further.
(Source: http://www.irco.biz/BlogMoreDetial.php?id=2730&ShowContent=news)
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