Rubber at 7-week high as Thailand raises prices

Print this page Posted on : 09-27-2007 by recycleinme.com

Natural rubber futures in Tokyo, the global benchmark, rose to the highest in more than seven weeks as shippers in Thailand, the world’s largest producer and exporter of the commodity, raised selling prices to foreign buyers.

Thai shipper offered so called RSS -3 grade rubber for November shipment at $2.21 a kg on Wednesday, up from $2.20 and $2.16 a week earlier, according to Mr. Takaki Shigemoto, an analyst at Tokyo-based commodity broker Okachi & Co. Ltd.

Rubber for March delivery on the Tokyo Commodity Exchange gained 1.9 yen, or 0.7 per cent, from the closing price on Tuesday to settle at 261.40 Yen per kg ($2,274 a tonne), the highest for a most active contract since Aug.3.

Source : Business Line