• Home

  • Rubber

  • Plastic

  • Contact

Search:

Feb 23: Rubber Gains as Oil Rally Boosts Demand Outlook, Yen Declines

Feb. 23 (Bloomberg) — Natural rubber futures climbed for a second day after crude oil advanced, increasing the cost of making the rival synthetic product used for tires and tubes.

Futures in Tokyo reversed earlier declines as oil rose as much as 1.9 percent and Asian stocks gained on speculation the U.S. government will raise its stake in Citigroup Inc. to ease the financial crisis and revive economic growth. The Japanese currency fell, making yen-based contracts more attractive to investors.

“Crude oil’s gain helped rubber recover from early losses,” Jun Nishimuta, an analyst at Kanetsu Asset Management Co. in Tokyo, said today by phone. The yen’s weakness against the dollar also pushed Tokyo rubber futures higher in late trading, he said.

Rubber for July delivery closed up 1.3 percent at 135.9 yen a kilogram ($1,440 a metric ton) on the Tokyo Commodity Exchange. The contract earlier fell to 131.1 yen after dropping 6.6 percent last week. The spot February contract expired at 123.6 yen today, compared with the January contract expiry last month at 125 yen.

Crude oil for April delivery rose 1.4 percent to $40.57 a barrel after reaching $40.80 in New York electronic trading. Synthetic rubber is made from naphtha, distilled from petroleum.

The MSCI Asia Pacific Index gained as much as 1.3 percent to 77.02. The Japanese currency declined by as much as 0.9 percent against the dollar.

May-delivery rubber on the Shanghai Futures Exchange, the most-active contract, jumped 2.3 percent to close at 13,110 yuan ($1,917) a ton.

Source: Bloomberg

Share this:

  • Twitter
  • Facebook

« Feb 23: Japan rubber stocks up 2.4 pct in 10 days to Feb 10
Feb 24: Tocom Rubber Settle Mostly Dn;Weak Crude, Demand »

This entry was posted on Monday, February 23rd, 2009 at 6:44 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.

Comments are closed.


  • Useful Links

    • Physical FOB Price
    • SHFE Rubber Price
    • SICOM Rubber Price
    • TOCOM Rubber Price
www.uyong.com
© copyright 2008
Entries (RSS)