This entry was posted on Saturday, December 26th, 2009 at 8:41 am 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.
BANGKOK, Dec 25 (Reuters) – Tokyo rubber futures closed on
Friday at near 15-month highs supported by firm oil prices,
dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> ended 1.4 yen higher at 276.3 ($3.02) yen/kg
after rising earlier to an intra-day high 278.9, the highest
since September 2008.
* Oil rose nearly 2 percent to top $78 a barrel for the first
time in three weeks on Thursday, buoyed by economic optimism that
sent Wall Street to a 2009 high. At 0717 GMT, U.S. crude
was at $77.75 a barrel.
* Higher oil prices usually make an alternative petrochemical
synthetic rubber expensive and encourages the use of natural
rubber.
* TOCOM sentiment has improved after prices topped 270 yen
last week, but the rise has also made it susceptible to
profit-taking, dealers said.
* TOCOM prices were expected to rise higher next week, with
280 yen seen as a key resistance, dealers said.
($1=91.51 Yen)
Source: Reuters