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TOKYO, Oct 20 (Reuters) – Key Tokyo rubber futures rose more
than 4 percent to trade above 170 yen on Monday, as crude oil
prices extended gains.
* The key Tokyo Commodity Exchange rubber contract for March
delivery <0#JRU:> rose as high as 176.6 yen a kg, up 7.4 yen or
4.4 percent, before inching down a touch to 176.4 yen at 0044
GMT.
* The benchmark contract hit a trough of 159.3 yen on Friday,
the lowest since July 2005, before bouncing back to close at
169.2 yen.
* NYMEX crude for November delivery extended gains to
hover around $73 a barrel, boosted by expectations OPEC could cut
output at an emergency meeting this week to shore up prices.
* A forecast for Indonesia’s rubber export growth this year
has been trimmed to 4 percent, down from an earlier 5-7 percent,
as economic weakness dents demand, a senior official at the
Indonesian Rubber Association told reporters on Friday.
* Last week, dealers said Chinese buyers have defaulted on
more than 10,000 tonnes of rubber from Southeast Asia after
prices lost more than 30 percent in the past month on fears of a
global recession.
Source: Reuters