This entry was posted on Friday, January 29th, 2010 at 8:20 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, Jan 28 (Reuters) – Tokyo rubber futures fell for the
fourth straight day on Thursday, weighed down by weak oil prices,
but a fall in the yen helped limit the losses, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for July delivery fell 3.4 yen to settle at
274.8 yen ($3.04) per kg.
The benchmark contract fell as low as 269.0 yen, the lowest
since Dec. 24, as players unwound contracts to stop losses after
seeing oil prices continue to fall.
* However, oil rebounded slightly from a six-week low, rising
towards $74 on Thursday, after U.S. President Barack Obama’s
State of the Union address and the Fed’s decision to maintain low
interest rates revived some confidence about economic growth.
[ID:nSGE60R06J]
* Dealers said TOCOM prices also rebounded from an intraday
low of 269.0 yen on the back of a lower Japanese yen.
[ID:nTOE60R076]
* Dealers said demand on the physical front remained strong.
($1=90.34 Yen)
Source: Reuters