This entry was posted on Friday, May 7th, 2010 at 5:24 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, May 7 (Reuters) – Tokyo rubber futures tumbled 7
percent to a five-month low on Friday as investors continued to
unwind long positions, with lower oil prices adding to the
downward pressure, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for October delivery fell 17 yen to settle at
262.6 yen ($2.89) per kg. It touched 259.5 yen, the lowest since
Dec. 16.
* “Concern over the euro debt crisis will stay in financial
markets for a while and players will continue to sell as they
don’t want to take any risk,” one dealer said.
* Oil fell below $77 a barrel on Friday in reaction to a
growing sovereign debt crisis in Europe and bearish global growth
prospects. [O/R]
* Dealers said they expected prices to fall further but
higher demand in the physical market after a recent drop in
prices should lend some support; 250 yen is seen as strong
technical support.
($1=90.77 Yen)
Source: Reuters