NR prices continue to rise on higher oil prices

Singapore - Natural rubber prices are continuing to go up, partly in response to higher oil prices and partly due to tight supply.

In Singapore, where markets were slow due to the New year holidays, RSS1 closed at 371 singapore cents per kilo ($2.56), with futures contracts running about five percent higher, at 388 Sing cents/kg. RSS3 closed around $2.54/kg, with futures contracts up to about $2.66.

Tokyo's TOCOM 6-month price hit a 16-month high of ¥307.5 earlier today (Monday), but closed down at ¥303/kg ($2.64), while in India NMCE futures showed deliveries for February 2008 at Rs 101.64 ($2.59) down from an intra-day high of Rs 102.4.

Prices now are around 30 percent higher than year ago, but still short of the $2.80 (¥324.5) or so peak reached on 13 June 2006. A Reuters reports said, "Some analysts say they expect rubber to rise around 18 percent to $3 a kg next year."

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