BANGKOK, Feb 2 (Reuters) – Tokyo rubber futures rose more
than 2 percent on Tuesday because of a recovery in oil prices and
falling supply in the physical market, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for July delivery rose 6.9 yen, or 2.5 percent,
to settle at 282.3 yen ($3.11) per kg, the highest since Jan. 27.
* “There’s no reason for TOCOM prices to fall as oil prices
recover and demand in the physical market remains strong. But I’m
afraid that the yen is starting to rise again and that could cap
the gains,” a Japanese dealer said.
* TOCOM rubber prices were expected to rise further on
Wednesday as technical sentiment improved after prices finished
above the key psychological level of 280 per kg, dealers said.
* Oil rose for a second day on Tuesday, going above $75 at
one stage on optimism the U.S. economy has turned the corner
following strong manufacturing data for January. [ID:nSGE61101T]
* Physical rubber prices rose as China, the world’s biggest
rubber importer, kept buying ahead of its week-long Lunar New
Year holiday in mid-February, dealers said.
* The yen rose against major currencies on Tuesday after
Australia’s central bank kept interest rates on hold, surprising
investors who had been bracing for a rate rise. [ID:nTOE61107H]
($1=90.73 Yen)

Source: Reuters

Comments are closed.