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BANGKOK, Jan 8 (Reuters) – Tokyo rubber futures dropped 3.8
percent on Thursday, hitting a one-week low as weaker oil spurred
selling, but prices were supported to some extent by supply
concerns, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for June delivery fell 5.6 yen yen, or 3.8
percent, to settle at 143.1 yen ($1.56) per kg.
It had fallen as much as 10.7 yen or 7.2 percent to an
intra-day low of 138.0 yen, the lowest since Dec. 30.
* At 0836 GMT, U.S. crude oil was at $42.43 a barrel
after falling $5.95 or 12.25 percent on Wednesday, the biggest
single-day loss in percentage terms since September 2001, due to
a surprise increase in U.S. crude stocks. [O/R]
* Japan’s Nikkei average slipped more than 2 percent after a
seven-day winning streak, as poor U.S. job data renewed fears
about the health of the U.S. economy. [.T]
* Dealers said TOCOM rubber got some support from
fundamentals, as supply was likely to fall.
* The physical market has been supported by tightening
supplies due to the approach of the wintering dry season in major
producing countries, including top producer Thailand, traders
said.
PRICES OF ASIAN PHYSICAL RUBBER COMPARED WITH WEDNESDAY
Grade Price Change
Thai RSS3 (Feb) $1.55/kg -$0.03
Thai RSS3 (Mar) $1.55/kg -$0.03
Thai STR20 (Feb) $1.50/kg -$0.05
Thai STR20 (Mar) $1.50/kg -$0.05
Malaysia SMR20 (Feb) $1.49/kg -$0.06
Malaysia SMR20 (Mar) $1.49/kg -$0.06
Indonesia SIR20 (Feb) $0.66/lb -$0.02
Indonesia SIR20 (Mar) $0.66/lb -$0.02
Thai USS3 47 + 1 baht
Thai 60-percent latex (drums, Feb) $1,100 -$50
Thai 60-percent latex (bulk, Feb) $1,000 -$50
Source: Reuters