Another day, another record price for rubber.
Two years ago south-east Asian producers were talking about grubbing up rubber trees in an attempt to bolster the price of latex. They didn’t do it, and just as well – growing demand and tight supply have driven prices up into previously uncharted territory.
On Wednesday, Thai rubber (RSS3) was up 5c at $4.95/kilo, more than four times its December 2008 price of $1.10/kg. (read on…)
Top Glove Drops Most in 40 Months as Forecasts Cut
Top Glove Corp., the world’s biggest rubber-glove maker, fell the most in more than three years in Kuala Lumpur as brokerages from HwangDBS Research Sdn. to UOB Kay Hian Group cut their profit forecasts on higher costs and slower demand.
The stock slid 6.1 percent to 5.12 ringgit at the 5 p.m. close, its steepest drop since Aug. 16, 2007, the biggest decliner on the 347-member FTSE Bursa Malaysia EMAS Index today. Top Glove yesterday reported a 45 percent drop in fiscal first- quarter net income. (read on…)
OIL FUTURES: Crude Tops $91/Bbl On Hopes For US Economy
NEW YORK (Dow Jones)–Crude futures hit fresh two-year highs Thursday, heading above $91 a barrel after several pieces of economic data offered an encouraging outlook on the U.S. economy.
Weekly jobless claims fell by 3,000 to 420,000 last week, a larger drop than expected, while new home sales rose in November and consumer sentiment in December moved higher. The data added to the U.S. Department of Energy’s report Wednesday that oil stockpiles fell for the third consecutive week, pushing oil higher ahead of the Christmas holiday.
Light, sweet crude for February delivery recently traded $1, or 1.1%, higher at $91.48 a barrel on the New York Mercantile Exchange, the highest price since Oct., 2008. (read on…)
Oil Prices Will Reach $100 a Barrel, Libya’s National Oil Chairman Says
Oil prices will climb to $100 a barrel, Shokri Ghanem, chairman of Libya’s National Oil Corp., said, as Arab oil ministers and officials gather in Cairo for a weekend meeting.
Ghanem told reporters that market conditions will determine whether OPEC decides to increase production quotas next year, without specifying a timeframe. Libya’s top oil official is in the Egyptian capital to attend a Dec. 25 meeting of the Organization of Arab Petroleum Exporting Countries. (read on…)
Oil pushes past $91 as dollar dips; gold cuts loss
SAN FRANCISCO (MarketWatch) — Oil futures powered past $91 a barrel, gold futures trimmed losses and the dollar index hit its lows of the U.S. session as investors assessed a raft of U.S. data, plus the latest on Europe’s debt problems, in thin pre-holiday trading Thursday. Oil for February delivery recently traded up 92 cents, or 1%, at $91.40 a barrel. (read on…)