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TOKYO, Aug 2 (Reuters) – Key Tokyo rubber futures settled down 0.6 percent on Tuesday with commodities falling and the yen remaining strong against the dollar on worries about the global economy, even as the U.S. looked to have averted a debt default.
The key Tokyo Commodity Exchange rubber contract for January delivery <0#2JRU:> settled down 0.6 percent, or 2.5 yen, at 387.2 yen.
The most active Shanghai rubber contract for January delivery delivery fell 1.3 percent to 35,725 yuan per tonne. Volume stood at 447,532 lots.
“The strong yen and lower share prices weighed on the market, which could sag further due to growing worries about a slowdown in the U.S. economy,” said Kazuhiko Saito, chief commodities analyst at trading company Fujitomi Co.
Trading was thin ahead of a long summer holiday that starts at the end of next week, limiting the trading range.
The safe-haven Swiss franc gained on Tuesday against the euro as worries about euro zone peripheral debt weighed on the common currency and pushed investors to perceived safe-haven assets. [USD/]
Strength in the yen also drew more warnings from Japanese officials about possible intervention and nudged the Bank of Japan closer to a further easing in policy.[ID:nL3E7J13TD]
Brent crude futures fell by $1 to $115.81 a barrel on Tuesday as weak manufacturing data in the United States triggered worries about the growth prospects of the largest crude consumer, overshadowing a deal to avert a default in the House of Representatives.[O/R]
The Nikkei average fell 1.2 percent, although the heightened risk of intervention in currency markets lent support. [.T]
Toyota Motor Corp <7203.T> reported its first quarterly loss in two years on Tuesday as Japan’s biggest earthquake hammered production and the strong yen hit export profits. [ID:nL3E7J109Y]
India’s natural rubber imports in the 2011/12 financial year are likely to climb 12.6 percent to a record 200,000 tonnes as tyre makers raise overseas purchases to cash in on lower import duty, the head of a trade body said on Tuesday. [ID:nL3E7J21GN]
Source: Reuters