Most of natural rubber (NR) prices in Asia fluctuated in a narrow range from Monday to Wednesday as investors downplayed on rubber futures ahead of the U.S. Federal Reserve policy meeting on Wednesday and Thursday amid an unstable global economy at present.
The NR prices rebounded for the rest of the week mainly supported by a return of investor confidence after U.S. Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S.economy continued to recover but was still in need of support, and the Fed reaffirmed that it would keep buying $85 billion in mortgage and Treasuries securities per month.
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A weak yen against the dollar, high crude oil futures, the improvement in China’s manufacturing PMI to 50.3 in July from 50.1 in June, a fall in crude rubber inventories at Japanese ports to 10,192 tons as of 20 July, the lowest level since 10 February as reported by the Rubber Trade Association of Japan on 1 August, should be key positive factors for rubber futures and physical rubber markets in the region in the coming week.
Source: IRco
