NR prices continue upward surge, hit $2.20/kg

London -- Natural rubber prices continued upward on Friday, closing around 4 percent higher than the day before at prices around $2.20/kg.

In Tokyo the benchmark 6-month futures prices closed at 267.5 yen/kilo, some 3.5 percent higher than Thursday's close of 258.5. All futures contracts were trading well above 260 ¥/kg (around $2.19).

In India's spot markets, prices followed Tokyo's upward move on Thursday. 4-sheet grades rose by about 1 Rupee/kg on Thursday and closed at Rs 80/kg. Futures prices also rose strongly, with all contracts in the mid-80s range

In Singapore trading was brisker than the past two days. RSS3 spot reached 217 US cents/kg, while the futures contracts closed around 220 US cents/kg, compared with around 212 the day before. The 12-month contract nominally closed at 222, but there were no trades. Meanwhile there was no trading at all in RSS1, but the spot price closed at 356 Sing cents/kg, up 14 cents, while the 12-month contract closed at a nominal price of 364 Sing cents/kg (US$2.23), up by about three percent from 352.75 set yesterday.

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