Rubber prices continue to rally with the Tocom six-month benchmark contract hitting its highest level since August last year.
The rally in rubber prices is due to general improved sentiment and short-covering pushing prices higher, said Kaname Gokon, an analyst at Okato Shoji.
Metals prices rallied on hopes China would clamp down on excess capacity in crowded sectors such as steel and coal. Iron-ore futures jumped, while copper and aluminum futures hit a three-month high in Asian trade. Brent crude oil was last up 1% at $39.07 a barrel, on track to close at its highest level this year. A recent rebound in commodities prices and better U.S. economic data has helped stoke the rally.
Asian Rubber Futures
Mar 7 Change from previous close
Tocom Aug RSS3 Y179.5/Kg Up Y4.9/Kg
Shanghai May SCR5 CNY11,665/Ton Up CNY595/Ton
Thai Sep RSS3 THB50.15/Kg Up THB2.05/Kg
Sicom Jul RSS3 US 150.5 cents/Kg Up US 0.8 cents/Kg
Sicom Jul TSR20 US 136.2 cents/Kg Up US 1.6 cents/Kg
Asian Physical Rubber
Grade Shipment Mar 07 Mar 04
RSS3 Apr/May 150-151 147-148
STR20 Apr/May 137-138 133-134
SIR20 Apr/May 136-136 133-134
SMR20 Apr/May 137-138 132-133
SVR3L Apr/May 135-136 132-133
USS Mar THB46.11-THB47.18/Kg THB43.11-THB43.66/Kg
