BANGKOK, Nov 10 (Reuters) – Tokyo rubber futures retreated
from early gains as a weakening U.S. dollar and falls in other
commodities triggered stop-loss selling, dealers said on Tuesday.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for April delivery fell 2.8 yen to settle at
229.3 yen ($2.55) per kg after hitting a two-week high of 234.8
yen in early session.
* Gold fell from a record high above $1,110 on Tuesday as
investors locked in profits made on the precious metal.
[ID:nT290070]
* The U.S. dollar was near a 15-month low, while the euro and
higher-yielding currencies revisited recent highs as investors
piled on to leveraged carry trades. [ID:nSYD468706]
* Oil prices eased to below $79 a barrel as tropical storm
Ida, which cut U.S. oil and gas supplies, was downgraded from a
powerful hurricane and U.S. crude oil stockpiles were forecast to
rise slightly. [ID:nSP476555]
* “Falls in other commodities such as gold and oil plus the
weaker dollar pared rubber gains. However, I think rubber prices
should still be supported by fundamentals,” a Japanese dealer
said.
* Thailand, the biggest rubber producer, and Malaysia, the
third biggest, have been hit by rain and floods which cut supply,
while production in Indonesia, the second biggest, was falling
due to the dry season.
($1=89.94 yen)

Source: Reuters

Comments are closed.