This entry was posted on Wednesday, February 17th, 2010 at 5:15 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, Feb 17 (Reuters) – Tokyo rubber futures rose
almost 4 percent on Wednesday as oil extended gains and the dry
wintering season curbed supply in Thailand and Indonesia.
* The most active July 2010 contract on the Tokyo
Commodity Exchange hit an intraday high of 298.5 yen per kg, its
strongest since Jan. 22, before settling 11.2 yen higher at
298.1 yen.
* The contract was about 2.6 percent below a 16-month high
of 306 yen hit in the middle of January. A weaker yen against
the dollar also pushed up Tokyo futures.
* “I think rubber follows strong sentiments in other
commodities, such as oil,” said a dealer in Thailand’s southern
city of Hat Yai. “We may revisit last month’s high of 306 yen
but it has to test 300 yen first,” said the dealer, referring to
a level last seen in late January.
* Activity in the physical market began to pick up after the
Lunar New Year but many buyers in top consumer China were still
on holiday. Indonesia’s tyre grade SIR20 was sold late on
Tuesday at 142 U.S. cents per pound for April shipment.
* The wintering season, during which the flow of latex will
decrease, has started in Thailand and Indonesia.
* Oil rose above $77 a barrel on Wednesday, supported by the
weaker dollar and rally in equities markets, as optimism over
the global economy stoked hopes for higher fuel demand. [O/R]
* The dollar rose to 90.36 yen , up 0.2 percent from
late U.S. trade on Tuesday when it climbed as far as 90.52 on
trading platform EBS, its highest since Feb. 4. [USD/]
* For details on physical prices, click on [ID:nSGE61702T]
Source: Reuters