This entry was posted on Wednesday, January 6th, 2010 at 6:46 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, Jan 6 (Reuters) – Tokyo rubber futures rose on
Wednesday to hit a third successive 15-month high in trade driven
by technical buying and a weaker yen.
* TOCOM’s rubber contract for June 2010 delivery hit
a high of 291.4 yen per kg, its strongest since September 2008,
and settled at 290.3 yen, up 4.1 yen from previous settlement,
defying weaker oil prices.
* Dealers pegged the upside target around 300 yen, a previous
high seen in September 2008.
* “A lot of people have been waiting for a correction but it
looks like the market doesn’t want to come down,” said a dealer
in Thailand’s southern city of Hat Yai.
* Tyre makers bought some quantity of Indonesia’s SIR20 at
132.50 and 133.75 U.S. cent per pound for February-April
shipment. There were no reports of deals for Thai and Malaysian
grades late on Tuesday.
* Physical prices were steady on Wednesday, with Thai grades
hovering at $3 a kg. [ID:nSGE60502D]
* Oil eased to below $82 a barrel on Wednesday, snapping a
nine-day winning streak, after industry data showed a surprise
rise in U.S. distillate inventories last week even though heating
oil supplies fell. [O/R]
* The dollar rose against the yen on Wednesday, recovering
from the previous day’s sharp fall, as Japanese investors picked
up overseas assets at the start of the new year in otherwise
choppy trade ahead of U.S. jobs data later this week. [USD/]
Source: Reuters