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Baht/$ 33.51/56
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COMMODITIES
TOKYO : Natural rubber futures in Tokyo climbed to a 28-year high yesterday as crude oil surged above $141 a barrel, boosting production costs for synthetic rubber used to make car tyres.
The most active contract on the Tokyo Commodity Exchange (Tocom) rose to 356.7 yen a kilogramme ($3,352 a tonne), the highest since March, 1980.
''Oil's rally is a major boost to the natural rubber market,'' said Li Shiqiang, general manager of Sri Trang (Shanghai) Ltd, a unit of Singapore-based Sri Trang International.
Rubber for December delivery settled up 2.1% at 355.1 yen on the Tocom. The most-active contract gained 5.2% this week, the largest weekly gain since December.
Futures also gained after natural rubber production in China, the world's largest consumer, fell on declining yields and delays tapping the rubber trees amid unfavourable weather in Hainan and Yunnan provinces, Mr Li said.
''Normal output in Hainan and Yunnan during this season is around 550 tonnes a day, but now reports are coming in at only 350 tonnes a day,'' he said.
Natural rubber stockpiles in China fell to a five-year low last week, underlining the strength of Chinese demand.
Supply is also tight in Thailand, the world's largest exporter, as rains had disrupted tapping, said Piyaporn Saelim, a spokeswoman for the Thai Rubber Association.
''Normally there should be more output from the South around this time. But it rains almost every day, so people can't tap as much as usual,'' she said.
In the cash market in Hat Yai, Thai shippers were quoting RSS-3 grade rubber for August shipment at $3.29 a kilogramme, up from $3.27 on Thursday. BLOOMBERG NEWS
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