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TOKYO, Jan 9 (Reuters) – Benchmark TOCOM rubber futures rose for the first time in four sessions on Friday, supported by gains in U.S. crude prices following steep losses earlier this week.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: rose 2.2 yen to 207.5 yen per kg by 0019 GMT, after settling down 4.2 yen, or 2 percent, on Thursday.
The market was also supported by flooding across parts of rubber producing regions in Malaysia and Thailand that have reduced production, traders said. (Full Story)
Rubber output in Malaysia is likely to have declined by around 30,000 tonnes in December, a senior government official said last month. No estimates were available for top producer and exporter Thailand, but traders said some key growing areas were affected.
For the top stories in the rubber market and other news, click TOP/CE or RUB/T
MARKET NEWS
U.S. oil prices extended gains to above $49 a barrel after better-than-expected U.S. jobs data helped the market hold ground after steep losses earlier in the week. O/R
The U.S. dollar was quoted around 119.74 yen JPY= early on Friday, little changed from Thursday afternoon. FRX/
Japan’s benchmark Nikkei stock average .N225 was up 0.8 percent.
Source: Reuters