This entry was posted on Thursday, December 4th, 2008 at 4:24 pm and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
TOKYO, Dec 4 (Reuters) – Asian physical rubber prices were little changed on Thursday as buyers kept to the sidelines ahead of a meeting of the world’s top rubber-producing countries next week, aimed at finding ways to support prices.
The International Rubber Consortium (IRCo), which groups Thailand, Indonesia and Malaysia, whose members account for 70 percent of global rubber output, is set to meet on Dec. 11 in Bogor, Indonesia.
The meeting, originally slated to be held in Bangkok, was rescheduled after anti-government protests closed Thai airports.
Although production in Thailand, the No.1 producer, is lower than normal due to recent rains having curbed tapping, buyers refrained from active purchases, hoping that weak global demand will result in a further fall in prices, traders said.
“This time last year, buying for late December to early January shipments was quite active. But this year was exactly opposite,” a trader in Thailand said.
In Thailand, financial markets are closed on Friday for a national holiday.
PRICES OF ASIAN PHYSICAL RUBBER COMPARED WITH WEDNESDAY
Grade Price Change
Thai RSS3 (Jan) $1.25/kg unchanged
Thai RSS3 (Feb) $1.25/kg unchanged
Thai STR20 (Jan) $1.25/kg unchanged
Thai STR20 (Feb) $1.25/kg unchanged
Malaysia SMR20 (Jan) $1.25/kg unchanged
Malaysia SMR20 (Feb) $1.25/kg unchanged
Indonesia SIR20 (Jan) $0.55/lb unchanged
Indonesia SIR20 (Feb) $0.55/lb unchanged
Thai USS3 37 baht/kg unchanged
Thai 60-percent latex (drums, Jan) $1,000/tonne -$120
Thai 60-percent latex (bulk, Jan) $900/tonne -$100
Source: Reuters