Rubber climbed after oil in New York surged
to a 15 month high, boosting the appeal of natural rubber as an alternative to
synthetic rubber. Rubber chased gains in oil amid speculation that the U.S will
maintain monetary stimulus to support growth. Rubber for delivery in December
on the Tokyo Commodity Exchange advanced to ¥245.1 a kg, after touching a low
of ¥235.6 a kg.
According to the customs agency, natural
rubber imports by China, has decreased to 130,000 tonnes in June 2013, from 163,317
tonnes in June 2012 and 177,400 tonnes in May 2013.
Heavy rains disrupting rubber tapping in Kerala and the
growers are holding on to the available stock in anticipation of further rise
in natural rubber prices. Currently rubber is at its nine month high.
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