Speculative buying pushed Thai rubber futures up on Tuesday as players expect prices to rise further, brokers said.
Volumes dropped slightly as 46 contracts of ribbed smoked sheet number three (RSS3) were traded compared to 49 contracts on Monday. "Players bought deferred contracts so they could later take profits as technical indicators show that the price could rise further," said one broker.
Only January, February and March contracts were traded on Tuesday, brokers said. The most active March contract ended at 50.4 baht per kg on Tuesday, slightly up from 50.1 baht on Monday with 23 contracts changing hands.
No March contract was traded on Monday. In Thailand's Hat Yai physical market, the price of unsmoked rubber sheet number three (USS3), the raw material for export-grade rubber sheet, was at 46.15 baht per kg, up from 46.01 baht on Monday.
RSS3 in the open market was at 47.60 baht per kg on Tuesday, versus last week's 47.3-47.5 baht. On Singapore's SICOM, the RSS3 December contract was at $1.23 per kg, slightly up from $1.22 on Monday. Thailand, the world's biggest rubber producer and exporter, launched its first commodity futures exchange in late May, allowing brokers to trade in ribbed smoked sheet number 3 (RSS3).
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