Singapore - Natural rubber prices continued their upward thrust over the weekend, peaking at a massive Â¥319.6 / kg ($2.85) in Tokyo on Tuesday, before falling back to just over Â¥300/kg by the time markets closed. Other markets continued the upward trend into Tuesday.
In Tokyo the benchmark 6-month futures prices closed at 302.5 yen/kilo ($2.70) on Tuesday, down over 11 points on Monday's close and down 17 points on the intraday high of Â¥319.6. Futures contracts are currently trading just above 300 Â¥/kg (around $2.68).
In Singapore prices also jumped upwards over the weekend. RSS3 spot closed at around 271 US cents/kg on Monday, up over 5 cents from Friday's close. Futures contracts were trading at similar levels. Meanwhile there was no trading at all in RSS1, but the spot price closed at 429.3 Sing cents/kg, (US$2.72), up eight points.
Spot RSS4 rubber in Kottayam, India remained steady at Rs 117 / kg ($2.53) on Monday, after jumping to Rs 118 on Saturday, yet another all-time high in India. Growers and dealers were said to see little respite in the increases, with few sellers in the market.
The Malaysian Rubber Board official physical seller price for tyre-grade SMR 20 jumped to a 20-year high of 864 sen/kg ($2.38) on Monday, after hitting 850 on Friday and 837.0 sen on Thursday. Reports said traders expected the price to add a further 16 percent, reaching 1000 sen by July.
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