This entry was posted on Friday, January 15th, 2010 at 8:32 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.
BANGKOK, Jan 15 (Reuters) – Tokyo rubber futures dropped nearly 2 percent on Friday due to stop-loss selling, under pressure from weaker oil prices, dealers said.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> fell 5.7 yen, or 1.9 percent, to settle at 298.1 yen ($3.27) per kg.
* Oil fell to just above $79 a barrel on Friday and was set for its first weekly drop in more than a month on disappointing economic data and expectations of reduced heating demand in the United States. [ID:nSGE60E04P]
* TOCOM rubber was expected to rebound next week as strong demand on the fundamental front should provide support, dealers said.
* The world’s top three rubber producers, Thailand, Indonesia and Malaysia, will hold a ministerial meeting in Malaysia next week to discuss ways to stabilise prices. [ID:nSGE60D07P] ($1=91.10 YEN)
Source: Reuters