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Malaysian rubber

KUALA LUMPUR: Malaysian rubber prices closed higher on continued covering aided by some keen interest from the Chinese and steady domestic supply, dealers said.

Expectation of European dealers' covering, as the summer holiday is coming to an end, also firmed local prices.

Traders said despite the steady tone, activity was still restricted with most business confined to direct deals.

"The Chinese are still making enquiries for sheet RSS3 and SMR rubber," a dealer said, expecting next week's prices to hold steady on Chinese interest.

Sept RSS1 buyer closed two cents up at 319 cents ($1.29) a kg and Sept SMR 20 buyer was up 3.50 cents at 296.50 cents.

The INRO five-day moving average price was 237.05 Malaysian/Singapore cents a kg on Aug 10 versus 235.71 on Aug 9. The daily indicator price was 240.20 versus 237.17.

THAI RUBBER

BANGKOK: Rubber prices edged higher while supplies were lower at the Hatyai rubber auction in southern Thailand for the week to August 11, auction officials said.

Volume at the state-run auction was 298.5 tonnes compared with 381.7 tonnes for the week to August 4.

The average price at the auction was 0.72 baht/kg higher than the previous week.

Third grade unsmoked sheet was sold at 25.00-26.55, compared with 25.30-26.21 baht/kg the previous week.-Reuter