This entry was posted on Saturday, November 29th, 2008 at 9:56 am 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.
TOKYO, Nov 28 (Reuters) – Tokyo rubber futures were a touch firmer on Friday as the benchmark contract hovered slightly below 140 yen on position adjustments ahead of the weekend.
* As of 0053 GMT, the key Tokyo Commodity Exchange rubber contract for May delivery <0#JRU:> had risen to 137.6 yen per kg, up 1.3 yen.
* Prices are still within sight of the intraday low of 127.6 yen marked on Nov. 21, the lowest since January 2005.
* Oil prices hovered around $54 a barrel on Thursday as a holiday weekend in the United States and an upcoming OPEC meeting limited trade, while fundamentals remained weak with high U.S. crude stocks weighing on the market. [O/R]
* Trading in the physical rubber market has been slow due to the political turmoil in Thailand, the world’s top rubber producer.
* The International Rubber Consortium, which groups the world’s top rubber producers, was forced to cancel this week’s meeting to discuss prices due to the unrest in Thailand.
Source: Reuters