SINGAPORE, Dec 1 (Reuters) – Tokyo rubber futures extended
gains on Tuesday and briefly revisited 250 yen as speculative
buying gathered pace because of a weakening yen and firm oil
prices.
* TOCOM’s rubber contract for May 2010 delivery
settled 2.3 yen per kg higher at 249.3 yen, after hitting an
intraday day high of 250.8 yen, not far from a 13-month high of
255.3 yen hit on Nov. 26.
* But physical rubber prices were unchanged in slow trade as
buyers stayed away following gains in the futures market.
Benchmark Thai RSS3 grade was flat at $2.75 a kg for January
shipment. [ID:nSP112837]
* “I guess the yen and firm stock market pushed up prices. We
should be looking at the next target of 255 yen,” said a dealer
in Tokyo.
* The yen tumbled as the Bank of Japan called an emergency
meeting to debate easing policy and investors unwound bets that
the currency would rise on speculation whether any steps would
curb its recent gains. [USD/]
* Oil rose above $77 a barrel on Tuesday, after a rebound of
1.6 percent in the previous session, as Dubai debt default fears
eased and cautious investors cast about for fresh clues to the
pace of global economic recovery.
* Japan’s Nikkei average rose more than 2 percent to a
two-week closing high on Tuesday after the Bank of Japan said it
would hold an extraordinary policy meeting.
* Rubber output in Thailand, Indonesia and Malaysia will drop
more than 6 percent in 2009 after unusually heavy rains caused
flooding, an industry group said on Monday, raising the prospect
of a price rally to last year’s peak. [ID:nSP447277]

Source: Reuters

Comments are closed.