This entry was posted on Friday, November 4th, 2011 at 4:55 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, Nov 4 (Reuters) – Tokyo rubber futures edged higher on Friday on the back of steadier oil prices, but profit-taking capped the rise, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for April delivery rose 0.5 yen to settle at 293.5 yen ($3.76) per kg.
The most active Shanghai rubber contract for January delivery rose 1,600 yuan to finish at 27,410 yuan ($4,315) per tonne.
“TOCOM prices should rise higher after they found a support level at 290 yen, but players took profits to avoid risks ahead of the weekend and that limited the rise,” one dealer said.
Brent crude held steady above $110 on Friday, after rising more than a $1 in the previous session as Greece backed away from a referendum and a rate cut by the European Central Bank raised hopes for an easing of the region’s debt crisis. [O/R]
Dealers said TOCOM prices could rise further next week, supported by limited supply in major producing countries, but uncertainty about the outlook for Europe was likely to cap the gains.
($1 = 77.980 Japanese Yen)
($1 = 6.351 Chinese Yuan)
Source: Reuters