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TOKYO, Nov 25 (Reuters) – Tokyo rubber futures inched lower on Friday in thin trading, with the market moving in a narrow range as the persistent European debt crisis and worries about demand capped rises while the market found firm support at around 250 yen.
FUNDAMENTALS
The key Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:>, which debuted on Friday, settled at 263 yen per kg after opening at 266 yen.
The previous benchmark April contract ended almost flat at 261.2 yen, down 1.7 yen or 0.7 percent.
“Investors tested the upside but gains were limited due to the European debt woes and prospects for weak demand in China,” said Naoki Asami, chief broker at trading house Kanetsu.
The most active Shanghai rubber contract for May delivery fell 1.6 percent to 24,455 yuan per tonne. Volume stood at 1.05 million lots.
Brent crude edged down on Friday on nagging concerns about contagion from the euro-zone debt crisis, but prices held above $107 due to threats to supply emerging from France’s call for sanctions on Iran’s oil exports. [O/R]
The Nikkei average slipped on Friday but ended off lows, rounding out a losing week as statements by German and French officials failed to convince investors that leaders were closer to a consensus on how to contain the euro-zone debt crisis. [.T]
Source: Reuters