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SINGAPORE, Dec 4 (Reuters) – Tokyo rubber futures ended higher, but off an earlier 14-month high as profit taking erased some of the gains.
* TOCOM’s rubber contract for May 2010 delivery rose as high as $263.8 yen a kg, its strongest since early October of last year, before settling at 262.5 yen, up 1.8 yen from the previous settlement.
* Tokyo rubber futures tracked movements in other commodities this week, particurly gold, which struck a record.
* Dealers noted overnight deals for Indonesia’s SIR20 tyre grade at $1.27 to $1.2750 a pound for January shipment, while Thai RSS3 was sold to one of the world’s main tyre makers at $2.79/kg.
* Physical prices were mostly higher on Friday on hopes of more buying from tyre makers. [ID:nSP526976]
“There’s a bit of a decline in commodities today but I guess TOCOM rubber is still pretty strong. We should find support around 250 yen,” said a dealer in Thailand’s southern city of Hat Yai, referring to Thursday’s high.
* Gold fell on Friday as investors locked in profits after the precious metal topped $1,220 an ounce the day before to mark a record high for the third straight day. [GOL/]
* Thai rubber exports fell 11.7 percent in October from a year earlier to 236,068 tonnes on a drop in supply following a disruption to tapping from monsoon weather, traders and officials said on Friday. [ID:nBKK424660]
* Deliverable rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 6 percent in the week ended Thursday, the exchange said on Friday. [ID:nBJD003290]
Source: Reuters