SINGAPORE, Nov 4 (Reuters) – The most active Tokyo rubber
futures contract rose almost two percent on Wednesday, holding
near its strongest in a year, on steadier oil prices and physical
demand.
* Tokyo Commodity Exchange’s rubber contract for April
delivery <0#JRU:> added 4.1 yen per kg to settle at 228.4 yen —
not far from a 1-year peak of 235.7 yen struck two weeks ago.
* “It’s possible that we’ll test the 230 yen levels again. It
looks like sentiment in the market is still very firm,” said a
dealer in Thailand. “Funds may want to bring up the price to test
new highs.”
* Gold held near record around $1,087 an ounce on
Wednesday, while oil held steady above $79 a barrel on Wednesday,
after rising nearly 2 percent a day ago, following an industry
report showing a rise in fuel inventories in the United States.
[GOL/] [O/R]
* China, the world’s largest rubber consumer, purchased some
tyre grade rubber from Thailand and Malaysia but turned its back
on SIR20 because of ample domestic supplies. [ID:nSP511339]
* Goodyear Tire & Rubber , the largest U.S. tyre maker,
struck deals late on Tuesday to buy SIR20 at 105.50 and 105.75
U.S. cents per pound, nearly three percent below the price paid
by Chinese buyers for Thai and Malaysian grades — STR20 and
SMR20.
* Thailand, the world’s top rubber producer, is expected to
export 2.6 million tonnes of the commodity this year, a drop of 3
percent from 2008 because rains had affected tapping.
[ID:nHAN319594]
* The most active rubber contract on the Tokyo Commodity
Exchange will rise to a 1-year peak in November on concerns about
falling supply at a time when demand is likely to pick up as the
world economy recovers, a Reuters poll showed on Monday.

Source: Reuters

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