This entry was posted on Wednesday, February 10th, 2010 at 8:26 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, Feb 9 (Reuters) – Tokyo rubber futures ended higher
on Tuesday, staying above key resistance at 270 yen on the back
of recovering oil prices, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for July delivery rose 3.6 yen to settle at
270.2 yen ($3.02) per kg.
* TOCOM rubber gained some support from an overnight rise in
oil prices, which usually makes synthetic rubber expensive and
encourages the use of natural rubber.
* Oil prices recovered slightly on the back of cold weather
that hit Europe and the U.S. At 0659 GMT, U.S. crude futures for
March delivery were at $72.06 a barrel.
* Dealers said they expected TOCOM prices to rise further on
Wednesday as technical sentiment improved after prices finished
above resistance at 270 yen per kg.
* For details on physical prices, click on [ID:nSGE61802Q]
($1=89.47 Yen)
Source: Reuters