TOKYO (March 4, 2011)—After a brief respite, NR prices may be on the rise once more. Over the last week or two, profit-taking led to a small fall in prices, but that may now be over as prices appear to have turned once more.
IRCo said on its blog that investors liquidated their long positions for profit-taking on Tokyo and Shanghai rubber futures in the wake of persistently various bearish market sentiments that pulled down cash prices across the board Feb. 28.
It added, "Concern over rising oil prices amid unsettled uprisings in the Middle East and North Africa still casts a cloud over the global economy because costs of production and services and inflation are rising everywhere in the world. Consequently, the global economy could return to the brink of stagnation if oil prices continue rising further."
On Tokyo's TOCOM Exchange, prices for the six-month contract eased somewhat, to $5.62 per kilo
In Singapore, Sicom said short-dated RSS3 prices closed at $6 on minimal trading while short-dated TSR 20 fell down to $5.03 before closing at $5.16
India's NMCE saw prices fall, finishing around $5.42 per kilo.
Shanghai Future Exchange saw a high of $5.93 per kilo for short-dated contracts.