Oil prices rose in the initial stage of
trading (at 16.05 IST WTI crude oil were trading in red at US$95.65 per barrel)
as moderate growth in new jobs in the United States raised hopes about a
pick-up in demand, which points towards a growing economy.
According to China Association of Automobile
Manufacturers wholesale deliveries of cars, multipurpose and sport utility
vehicles increased 9% to 1.4 million units in May compared to 13% growth in
April 2013. Natural rubber imports by China fell to 180000 in May compared to
227320 tonnes imported during April 2013. Rubber inventories in warehouses
monitored by the Shanghai Futures Exchange rose 0.1% to 114,324 tonnes last
week.
Thailand’s restriction on rubber export ended
on 31st May and inventories hovering close to multi-year highs, natural rubber
prices are likely to continue to be under pressure for the rest of the second
quarter of 2013 before recovering in the second half of 2013. Top three natural
rubber producing countries - Thailand, Indonesia and Malaysia, is scheduled to
meet in Indonesia during 12 – 14 June, to discuss measures to stabilise natural
rubber prices.
Today, prices of RSS4 grade closed at `.173
a kg at Kottayam and RSS3 closed at `.162.30 a kg at
Bangkok, while Malaysian SMR20 closed at `.132.84 a kg. On the
Tokyo Commodity Exchange, June futures series closed at ¥239.7, July at ¥241.8,
August at ¥243.5, September at ¥244.1, October at ¥245.4 and the contract for
delivery in November closed at ¥247 a kg. While on the National Multi Commodity
Exchange June futures were trading at `.175.25, July at `.171.23,
August at `.167.97, September at `.165.01 and October at
`.162.37 a kg., at 4.05 pm IST.
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