India’s Rubber Board statistics are authentic: Chairman
KOCHI (Commodity Online) : India’s Rubber Board has clarified that data provided by the board regarding natural rubber stocks is factual; but the reported stocks may not be fully available in the market.
Sheela Thomas, Chairman, Rubber Board in a statement pointed out that the data is sourced from cultivators, traders, processors and manufacturers. (read more)
Supermax counts on new income stream
KUALA LUMPUR: Glove maker Supermax Corp Bhd is banking on a new income stream derived from global sales and marketing network to mitigate any effects of higher production cost.
Executive chairman and group managing director Datuk Seri Stanley Thai said the company would “aggressively globalise” its operations via its net work of about 700 distributors worldwide. (read more)
Rubber Climbs to Record as China May Buy to Replenish Stockpiles
Rubber advanced to a record amid speculation that China, the largest consumer, may step up buying to rebuild stockpiles before the low-production period begins in major growing areas in Thailand. The Thai cash price also climbed to an all-time high.
The July-delivery contract climbed as high as 522.50 yen a kilogram ($6,267 a metric ton) in an after-hours trading on the Tokyo Commodity Exchange. Trades in this session will be settled tomorrow. The most-active contract has rallied 25 percent this year, extending last year’s 50 percent advance, as rising car sales led by China and India boosted demand for tires. (read more)
Strong demand will boost rubber price
PETALING JAYA: The Malaysian Rubber Board (MRB) expects the natural rubber (NR) market to continue to chart new highs, at least in the first half of this year, on continued strong demand from China and India as well as declining output from major rubber-producing countries.
On Monday, tyre-grade SMR 20 posted a new high of RM17.27 per kg while latex-in-bulk hit RM10.66 per kg. (read more)
Natural rubber prices hit record on supply crunch
The price of natural rubber (NR) today shot up to Rs 237 a kg due to serious supply crunch in the market. The price of benchmark grade RSS-4 may soon reach a new record of Rs 250 a kg, according to leading stockists here. Since the summer season is on the anvil, the production would fall in March-May, hence prices may rise further.
According to Kochi-based dealers, though the Rubber Board data projects a stock of 327,115 tonnes, the market is facing serious shortage even at very high prices. According to their estimates, the total stock in the country might be below 100,000 tonnes. (read more)
US Oil Prices Gaining Ground – Is the Brent WTI-Spread Unwinding?
Mideast tensions are growing. Technical levels are being breached. And there’s a long weekend ahead. All reasons for traders to cover short positions on oversold oil futures and take profits on positions that have skyrocketed over the past few weeks.
Witness the change in the oil price spread, which has been the biggest momentum trade in the crude market for the past few months. Some traders are calling it “a major unwind” of the Brent-WTI spread. (read more)
Middle East Protests Spark ‘Fears Of The Unknown,’ as Prices Rise
As civil unrest spreads through the Middle East, investors continue to fear that political change in the region could disrupt the world’s economies.
Weeks after protests began in Tunisia and Egypt, violence erupted in Bahrain Thursday morning, as riot police assaulted demonstrators. If the upheaval continues to intensify, and if the region’s oil supply is disrupted, rising oil prices could drain consumers’ resources, put jobs at risk and threaten global economies, experts say. But investor fears seem to extend beyond even that prospect. (read more)
GLOBAL MARKETS – Swiss franc, oil rise on Mideast worries
NEW YORK, Feb 17 (Reuters) – The safe-haven Swiss franc and U.S. government bonds rallied on Thursday, while crude oil prices rose as unrest in the Middle East and tensions between Israel and Iran escalated.
U.S. stocks, however, shrugged off concerns about the Middle East as investors bought on early dips. World equities measured by the MSCI All-Country World Index .MIWD00000PUS, hit more than 2-1/2 year highs. (read more)