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Apr 1: Tokyo futures fall 1 pct in technical correction

BANGKOK, April 1 (Reuters) – Tokyo rubber futures fell on Friday on technical selling as players liquidated contract to avoid risks ahead of the weekend after prices failed to break above a key resistance of 440.0 yen, dealers said.
* The benchmark September-delivery contract on the Tokyo Commodity Exchange <0#JRU:> fell 4.8 yen, or 1.1 percent, to settle at 427.4 yen ($5.14) per kg. * The most-active Shanghai rubber contract for September delivery dropped 260 yuan to finish at 34,635 yuan ($5,288) per tonne. * Brent crude was steady above $117, after earlier touching a four-week high, as investors awaited an expected positive U.S. March payroll report due later on Friday for clues to demand prospects by the world’s largest oil importer. [O/R] * The yen slid to a 10-month low against the euro and fell below its 200-day moving average versus the dollar on Friday, poised for more weakness as widening yield differences increased the appeal of using the yen to fund investments in other currencies. [USD/]
* TOCOM prices were likely to stay firm on limited supply in producing countries but prices were expected to be trapped in a narrow range between 420 and 440 yen per kg with upside limited by profit-taking, dealers said. ($1=83.21 Yen) ($1=6.548 Yuan)

Source: Reuters

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« Mar 31: Tocom Rubber Settles Higher; Thai Floods Persist
Apr 4: Tocom Rubber Settles Up; Y420-Y450/Kg Range Eyed »

This entry was posted on Saturday, April 2nd, 2011 at 10:09 am 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.

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