This entry was posted on Thursday, November 5th, 2009 at 3:52 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.
SINGAPORE, Nov 5 (Reuters) – The most active Tokyo rubber
futures contract gave up some of its early gains on Thursday to
end barely changed from the previous day’s levels on weaker crude
oil prices.
* But tight supplies in the physical market blamed on
persistent rains in Thailand and the dry wintering season
Indonesia were likely to offer support. Dealers also noted steady
demand from main consumer China.
* Tokyo Commodity Exchange’s rubber contract for April
delivery <0#JRU:> settled 0.6 yen per kg lower at 227.8 yen after
hitting an intraday high of 229.5 yen — within sight of a 1-year
peak of 235.7 yen struck two weeks ago.
* “It’s possible there’s profit taking but I think some
players still want to push up the market to test previous highs.
China is back in the market because they finally think the market
won’t go down,” said a dealer in Thailand.
* Physical prices in Asia have risen more than 10 percent in
the past month because of tight supplies. Dealers said China has
been buying rubber from Thailand and Malaysia, while tyre makers
were chasing the Indonesian grade. [ID:nSP511339]
* Oil fell towards $79 a barrel on Thursday, after a
steep decline in U.S. crude inventories sent prices up 1 percent
the previous day, as traders look to the fall in equities markets
and firming dollar to take profits. [O/R]
Source: Reuters