This entry was posted on Wednesday, April 21st, 2010 at 8:03 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, April 21 (Reuters) – Tokyo rubber futures rose for
the second consecutive day on Wednesday on the back of firm oil
prices, while tight physical supply provided additional support,
dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for September delivery rose 2.8 yen to settle
at 325.5 yen ($3.49) per kg. It hit a 21-month high of 338.5 yen
last week.
* The spot April contract kept rising further to settle at
441.5 yen, the highest ever for any spot contract.
* “TOCOM was expected to rise further as supply is still
tight, while demand remains strong,” one dealer said.
* On the physical market, Thai RSS3 was offered at the record
high of $4.10 per kg, reflecting that supply was tight while
demand remain strong, traders said.
* U.S. crude futures edged up to above $84 a barrel on
Wednesday, rising for a second straight day, after crude stocks
fell more than expected last week in the world’s largest oil
consumer nation. [O/R]
* Rising oil prices usually lend support to TOCOM prices as
it makes alternative petrochemical synthetic rubber expensive and
encourages tyre makers to switch to natural rubber.
($1=93.20 Yen)
Source: Reuters