Rubber prices hit new high on tight supply
PETALING JAYA: Natural rubber prices in Malaysia climbed to a new high, extending an unbeaten run that started a month ago.
That should be good news for local rubber plantation owners, who are mostly smallholders but not for rubber glove makers.
Top Glove Corp Bhd has been hit with a double whammy – from rising latex input cost and the weakening US dollar that translated to lower earnings in ringgit for every US$1 worth of gloves sold. (read on)
Storm wreaks havoc on plantation, destroying 5,000 trees
KANGAR: More than 5,000 rubber trees in Felda Chuping were destroyed when a storm lashed the area on Wednesday.
Felda Chuping manager Abdullah Pirus Ishak said damages from the destroyed trees, aged between three and four years within the 30ha land, were estimated at RM60,000. (read on)
Stronger US dollar good for rubber glove players
KUCHING: The weakening of the US dollar compared with the ringgit in the fourth quarter of the financial year 2010 (4QFY10) is not good for the rubber glove players because there would be a time lag for them to price the unfavourable movement into their new sales contract.
Hence, this had eroded both their top lines and bottom lines.
“However, going forward, our house expects the US dollar to strengthen back against the ringgit although not substantially.
“Nonetheless, it would be good news for all rubber glove manufacturers since most of their transactions were in US dollars,” said Jason Yap, an analyst from OSK Research Sdn Bhd (OSK Research). (read on)
Natural Rubber Production Declines 0.5 Per Cent In August
KUALA LUMPUR, Oct 14 (Bernama) — Natural rubber (NR) production declined by 0.5 per cent to 80,643 tonnes in August 2010 compared with July, the Statistics Department said Thursday.
Production, however, increased substantially by 5,134 tonnes on a year-on-year basis, it said.
The smallholdings sector dominated with 92.9 per cent of total production while the estate sector accounted for 7.1 per cent in August 2010, it said in a statement here. (read on)
Rubber in Tokyo Advances to 27-Month High as Chinese Demand May Increase
Rubber in Tokyo climbed to a 27- month high, while futures in Shanghai surged to a record, on optimism that economic growth in China, the largest consumer, will boost demand amid limited supply from top producers.
The most-active contract on the Tokyo Commodity Exchange gained as much as 2.2 percent to 342.4 yen per kilogram ($4,212 a metric ton), the highest level since July 2008, before settling at 338.7 yen. Rubber in Shanghai surged by the daily limit to as much as 31,795 yuan ($4,780) a ton. (read on)