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Nov 20: RUBBER-Tokyo futures off 13-month high, oil supports

SINGAPORE, Nov 20 (Reuters) – Tokyo rubber futures dipped on
Friday as speculators booked profits from a rally to a 13-month
high the previous day, but steady oil prices cushioned the fall.
* TOCOM’s rubber contract for April delivery <0#JRU:> settled
1.3 yen per kg lower at 243.4 yen, having hit 245.2 yen on
Thursday — the strongest since last October for any benchmark.
* The most active contract has gained around 4 percent this
week on firm oil prices and tight supplies in Southeast Asia
after the dry winter curbed supply in Indonesia and heavy rains
disrupted the flow of latex in Thailand and Malaysia.
* “I think we’re looking for a short-term correction. I’d
expect the market to find strong support at 240 yen, which used
to be the resistance level,” said a dealer in Thailand’s southern
city of Hat Yai.
* Oil steadied below $78 a barrel on Friday, looking
for fresh direction after a strong U.S. dollar and weak stock
markets triggered a 2 percent overnight fall. [O/R]
* Rubber inventories in warehouses monitored by the Shanghai
Futures Exchange rose 3 percent in the week ended Thursday, the
exchange said on Friday. Rubber inventories rose to 133,997
tonnes from 129,867 tonnes the week before.

Source: Reuters

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This entry was posted on Friday, November 20th, 2009 at 8:59 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.

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