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TOKYO, Jan 19 (Reuters) – Key Tokyo rubber futures rose more than 1 percent to close above 150 yen on Monday, although losing some of the day’s gains due to oil’s decline.
* The key Tokyo Commodity Exchange rubber contract for June delivery <0#JRU:> closed at 152.2 yen per kg, up 1.8 yen or about 1.2 percent, after moving between 149.3 yen and 154.0 yen.
* The benchmark rubber contract has mostly been trading either side of 150 yen since the beginning of the year.
* Traders said TOCOM prices were likely to remain in ranges, although support levels appeared to be moving higher. A gloomy global economic outlook and weak demand continued to cap the market’s upside while players seek clues from currency and oil markets.
* U.S. light crude CLc1 fell more than 1 percent towards $36 a barrel on Monday in holiday-thinned trading, erasing some of the late gains made last week on short-covering, with worries about weakening oil demand resurfacing. [O/R]
* Thailand is expecting lower production of rice and rubber in 2009 as the coldest weather in 10 years affects yields, a senior Agriculture Ministry official said on Monday. [ID:nBKK258073]
* Traders say physical demand for rubber from China remains brisk ahead of the Lunar New Year, which begins on Jan. 26.
Source: Reuters