China turns to domestic rubber stocks
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Singapore, May 6 Major tyre makers are still in the market for nearby shipments, but main rubber consumer China has turned to domestic stocks as prices surge in South- East Asia on tight supplies. Michelin, Goodyear Tire & Rubber Co. and Bridgestone sought tyre grades for June delivery, with dealers in Singapore scrambling to get supplies for them, traders said on Tuesday. Indonesia’s SIR20 for June/ July was traded overnight at 127 to 127.75 cents per pound ($ 2.79 to $ 2.82 a kg). There were several deals last week at 126.25 to 126.50 cents per pound. Malaysia’s SMR20 as well as Thailand’s RSS3 and STR20 were also on offer but there were no deals reported. RSS3 for September shipment was sold last week at $ 2.85 a kg.
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Source : Business Line |
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