London, June 23.
The atmosphere of buoyant optimism which pervades the London rubber market may be attributed partly to the recent small, but persistent, American consumer buying and bear-covering, and partly to the belief that heavy supplies of spot and near first-hand rubber, which have been overhanging the market, have now passed into stronger hands.
While it is recognized that a level of 614. per lb. may attract a fair volume of profit-taking, rubber interests mostly consider that the statistical position warrants a sustained advance to higher prices, especially if the improvement in the international political sphere and American business outlook continues.
Meanwhile, rubber shares on the London stock exchange are fully reflecting the better state of the commodity, with rather more actual business in evidence today.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.