According to Singapore news on February 7, 2011, spot rubber prices in Asia closed higher on Wednesday. Although China raised interest rates, Hujiao's strong momentum in the first trading day after the Chinese New Year holiday supported the spot rubber market.
The TOCOM benchmark July rubber futures contract closed 5.1 yen, or 1.0%, at 504 yen per kg. Dealers said strong supply and demand fundamentals and fund buying have kept prices up.
Hujiao closed higher and the main contract hit a new high of RMB43,500 per ton. The market ignored the effect of the Chinese central bank raising interest rates the previous day because the rate hike was in line with expectations.
Spot rubber prices also rose. A trader in Hat Yai said that some Chinese buyers returned to the international market after a long vacation, but their quotations were low.
The quotes in the Thai market are in a wider range, and some sellers have refused to lower their offers.
However, some Thai exporters started to sell after the previous reluctant selling measures and profited from the current record price.
The record price of natural rubber also prompted tire manufacturers to raise prices.
The Compagnie Generale des Etablissements Michelin recently stated that due to the increase in raw material costs, the company will increase the prices of all tires sold in Europe.
The company stated in its statement that the price adjustment ranged between 4% and 7.5%, and the price adjustment began on March 1st - June 1st, 2011.
Bridgestone Corp. said that due to the increase in the prices of natural rubber and other raw materials, the company will increase tire prices in the Japanese market starting June 1, 2011.
The price adjustment is roughly in the range of 8%-15%.
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