This entry was posted on Thursday, March 24th, 2011 at 5:06 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 24 (Reuters) – Tokyo rubber futures ended slightly higher on Thursday, supported by strong demand at a time when supply in major producing countries is tight, but gains were limited by profit-taking, dealers said.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for August delivery rose 2.8 yen, or 0.6 percent, to settle at 436.4 yen ($5.39) per kg. It rose 2 percent early in the session to 442.8 yen before profit-taking set in.
* “Players started taking profits when prices tipped over 440 yen, the key resistance,” said a Tokyo-based trader.
* However, some dealers said futures could rise further on Friday, with 430 yen seen as a strong support level.
* The most active Shanghai rubber contract for May delivery slipped 25 yuan to settle at 36,625 yuan ($5,585) per tonne. * Physical rubber prices jumped at least 33 percent this week as tyremakers returned to the market and resumed buying after prices fell to levels they found acceptable. [ID:nSGE72N00Z]
* Brent crude fell for a second day on Thursday, shedding as much as 0.4 percent towards $115, after the resignation of Portugal’s prime minister rekindled euro-zone concerns, prompting oil traders to unwind long positions and take profits. ($1=80.91 Yen) ($1=6.557 Yuan)
Source: Reuters