This entry was posted on Friday, January 29th, 2010 at 6:43 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 29 (Reuters) – Tokyo rubber futures edged lower
on Friday, as steady oil prices and demand on the physical market
lent support, but a firmer Japanese yen weighed, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> fell 0.5 yen to settle at 274.3 yen ($3.05) per
kg.
* The benchmark contract rebounded to an intraday high of
279.9 yen on speculative buying, supported by steady oil prices
and strong demand on the physical market.
* Oil was steady near $74 on Friday, headed for a third
consecutive weekly drop, as the recovery of the U.S. economy has
yet to boost fuel demand. [ID:nSGE60S05N]
* However, prices finally succumbed to stop-loss selling by
investment funds after yen rose.
* The Japanese yen rose broadly on Friday as weaker U.S. and
European stock markets further clouded sentiment.[ID:nTOE60S053]
* Dealers said TOCOM rubber should rebound next week as
concern on falling supply and demand from China ahead of the
Lunar New Year should provide support.
($1=89.95 YEN)
Source: Reuters