This entry was posted on Thursday, March 25th, 2010 at 7:33 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, March 25 (Reuters) – Tokyo rubber futures hit a
two-week high on Thursday as recent weakness in the yen spurred
buying and tight physical supply continued to lend support,
dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for August delivery rose 9.6 yen, or 3.3
percent, to settle at 297.6 yen ($3.23) per kg. It rose as high
as 297.9 yen, the highest since March 9.
* The nearby March contract, which is due to expire on
Thursday, settled at 308.5 yen per kg.
* The dollar hit a 10-week high of 92.42 yen on
Wednesday although it eased on Thursday. [USD/]
* A weaker yen makes dollar-based rubber expensive and
usually encourages investors to take speculative buying positions
in TOCOM rubber futures.
* Production in Thailand and Malaysia, the biggest and
third-biggest producers, has been falling since late February as
dry weather cut latex output. Farmers were expected to stop
tapping rubber trees completely in April.
($1=92.11 Yen)
Source: Reuters