This entry was posted on Friday, March 9th, 2012 at 8:13 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, March 9 (Reuters) – Tokyo rubber futures jumped 3 percent at one stage on Friday on the back of rising oil and share prices before investors opted to take profits ahead of the weekend, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for August delivery rose 8.0 yen to settle at 335.4 yen ($4.12) per kg.
It rose as much as 3 percent to an intra-day high of 337.4 yen per kg, before profit-taking set in.
The most active Shanghai rubber contract for May delivery rose 755 yuan to finish at 28,760 yuan ($4,600)per tonne.
The front-month rubber contract for April delivery on Singapore’s SICOM futures was last traded at 382.5 U.S. cents per kg, up 2.6 cents.
“Technical sentiment was good and rubber prices rose in line with other commodities, but profit-taking ahead of the weekend limited the rises,” one dealers said.
Brent crude rose above $125 a barrel on Friday, posting its sixth weekly gain in seven, as Greece successfully closed its bond swap offer for creditors, a key step towards securing an international bailout to avoid a messy default. [O/R]
Japan’s Nikkei average topped 10,000 for the first time in seven months, rallying as much as 2.4 percent. [.N225]
Dealers said TOCOM prices were likely to rise further next week to test the next resistance at 340 yen as supply was falling on the physical market.
($1 = 81.4000 Japanese yen)
($1 = 6.3165 Chinese yuan)
Source: Reuters