IRCo's DCP fell to 464.17 US cents/kg on Friday while natural rubber (NR) prices on both rubber futures and physical rubber markets also fell down throughout the week caused by oversold rubber futures that pulled down NR cash prices across the board.
It is expected that after NR delegations from Indonesia, Malaysia, and Thailand underInternational Tripartite Rubber Council (ITRC) and International Rubber Consortium Limited (IRCo) meet with members of China Rubber Industry Association (CRIA) on 15 March in Qingdao, there will be a fruitful outcome of discussion that will be beneficial to the global rubber industry.
Lingering political tensions in the Middle-East and North Africa still weighed down global stock markets worldwide on Friday comparing with an earlier Friday as investors were worried about oil supply disruption in Libya if oil refineries in other countries in the Middle-East and North Africa, especially in Saudi Arabia which is the world’s biggest oil supplier, cannot increase oil production to offset oil reduction. Light, sweet crude for April delivery on Friday settled US$1.54, or 1.5%, lower at US$101.16 a barrel on the New York Mercantile Exchange.
On Asian stock markets, a rise in Chinese inflation rate to 4.9% in February from a year earlier and a note of further hikes in interest rates to tame inflation by China’s central bank governor Zhou Xiaochuan on Friday made Chinese investors to be more cautious about future investment. The earthquake and tsunami early Friday morning in Japan also pulled down the Tokyo stock market and other stock markets in the region.
The Indonesian rupiah and Malaysian ringgit tended to weaken against the greenback on Friday as forex investors looked for the safer-haven of the greenback after there was the earthquake and tsunami early Friday morning in Japan while the Thai baht also weakened slightly against the greenback, but a quarter percentage hike in the policy interest rate by the central bank of Thailand on Wednesday could lend support to some degree over the course of the week. The Japanese yen is expected to strengthen against the greenback in the coming weeks due to higher demand for the yen to rebuild destructive areas in Japan after the catastrophe on Friday.
(Source: http://www.irco.biz/MarketWise.php?PHPSESSID=f4b4ae077596849cf9d3e9ab07147759)
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