This entry was posted on Thursday, November 20th, 2008 at 4:57 pm and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
BANGKOK, Nov 20 (Reuters) – Tokyo rubber futures fell 10
percent on Thursday, its 16-yen limit, to hit a 3-½ year low
due to a firmer yen, softer crude oil and tumbling stock prices.
* The benchmark rubber contract on the Tokyo Commodity
Exchange for April delivery <0#JRU:> fell 16 yen, or 10.1
percent, to settle at 141.4 yen ($1.49) per kg, the lowest since
mid-2005.
* Fears of a deepening economic recession are stoking worries
about demand, which combined with a flight of fund money from the
market, have caused TOCOM prices to sink.
* Oil fell for a fifth straight session towards $50 a barrel
on Thursday as the fallout from the credit crisis hit the global
economy, crimping demand for fuel.
* The dollar was up 0.1 percent at 95.18 yen , slightly
above a one-week low of 95.66 yen hit on Wednesday. [USD/]
* The benchmark Nikkei average fell 6.89 percent on
Wednesday, due to the stronger yen and global recession fears.
[.T]
* Dealers said they expected TOCOM prices to fall further on
Friday if oil prices continued to fall.
* On the physical front, rubber prices dropped in line with
TOCOM, but trading volumes could rise as lower prices draw out
buyers ahead of the weekend, traders said.
PRICES OF ASIAN PHYSICAL RUBBER COMPARED WITH WEDNESDAY
Grade Price Change
Thai RSS3 (Dec) $1.65/kg -$0.15
Thai RSS3 (Jan) $1.65/kg -$0.15
Thai STR20 (Dec) $1.65/kg -$0.15
Thai STR20 (Jan) $1.65/kg -$0.15
Malaysia SMR20 (Dec) $1.65/kg -$0.10
Malaysia SMR20 (Jan) $1.65/kg -$0.10
Indonesia SIR20 (Dec) $0.72/lb -$0.08
Indonesia SIR20 (Jan) $0.72/lb -$0.08
Thai USS3 53 baht/kg – 1 baht
Thai 60-percent latex (drums, Dec) $1,300/tonne unchanged
Thai 60-percent latex (bulk, Dec) $1,200/tonne unchanged
Source: Reuters