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BANGKOK, Nov 24 (Reuters) – Tokyo rubber futures retreated from a 13-month high on Tuesday because of profit-taking and easier gold prices, but they were still supported by falling supply, dealers said.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for April delivery rose 4.1 percent to settle at 247.5 yen ($2.79) per kg on Tuesday.
* The contract rose as high as 250.0 yen per kg, the highest since October 2008, before profit-taking set in.
* Gold eased as investors took profits from the previous day’s record high, but sentiment was underpinned by a weak dollar. [ID:nSP489530]
* Dealers said Tokyo rubber futures were probably overbought but prices were not expected to drop sharply as falling supply in Thailand, the biggest producer, provided support.
* “I think the 240 level should be a strong support level as supply is falling further,” one Japanese dealer said. ($1=88.87 Yen)
Source: Reuters