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BANGKOK, March 9 (Reuters) – Tokyo rubber futures continued to fall on Wednesday as weaker oil prices triggered stop-loss selling, but prices bounced up from support at around 400 yen per kg, dealers said.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for August delivery fell 4.1 yen to settle at 412.4 yen ($4.99) per kg. It fell as much as 3.7 percent to an intraday low of 401.0 yen, the lowest since Dec. 20.
* The contract had slumped nearly 9 percent to 416.5 yen per kg on Tuesday. That compares with the record high of 535.7 yen hit in mid-February.
* “Prices finally rebounded after finding a major support level at 400 yen per kg,” said a Singapore-based trader.
* The most active Shanghai rubber contract for May delivery rose 165 yuan to settle at 36,370 yuan per tonne.
* Brent crude dropped for a third day, dipping below $113 after reassurances from OPEC members of ample spare capacity eased anxiety about export losses from Libya, Africa’s third-largest oil producer. [O/R]
* TOCOM prices may rally on Thursday after the support at 400 yen held, dealers said. ($1=82.65 Yen)
Source: Reuters