IRCo’s DCP and other cash rubber prices in the three major rubber producing countries, i.e.Thailand, Indonesia, and Malaysia rose gradually from Monday through Thursday before they mostly retreated marginally on Friday. The DCP stayed at 460.65 US cents/kg followed by the Thai RSS3 and STR20 which closed at 464.85 US cents/kg and 462.51 US cents/kg. Meanwhile, the Malaysian SMR20 and Indonesian SIR20 closed at 466 US cents/kg and 457 US cents/kg.
The benchmark prices on Tokyo Commodity Exchange for February delivery on Friday settled 3.20 yen higher than on Monday, while the benchmark prices on Shanghai Commodity Exchange ended the week 515 yuan/ton lower at 32,930 yuan/ton, comparing with its benchmark price on Monday. The benchmark prices on the Agricultural Futures Exchange of Thailand (AFET) for March delivery finished 0.30 THB/kg higher at 138.80 THB/kg on Friday, comparing with its benchmark prices on Monday.
The uptrend of rubber prices during the week were likely to be supported by a return of rubber trader confidence in tandem with a rebound on major global stock markets throughout the week, a steady demand from rubber manufacturers, and persistent supply tightness in major rubber producing countries. Furthermore, a speech by the U.S. Federal Reserve Chairman on Friday also could restore market confidence somewhat.
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