[Dow Jones] Tocom rubber futures settle up on back of weaker JPY, solid crude oil prices, but benchmark contract”s failure to hold above Y150, after testing in both morning and afternoon session, indicates that weak demand likely to continue weighing on prices, capping any further rally. “It”s likely to test Y150 again in coming sessions, and will continue to take cues from the yen, as the market focus is now on broad commodities performance, rather than its own fundamentals,” says analyst in Singapore. Benchmark August RSS3 contract settles Y1 higher at Y149.7/kg. (HWS)

Source: Dow Jones

[Dow Jones] Tocom rubber futures settle up, with benchmark August contract at highest since Jan. 27 as gains in other commodities, weaker yen vs dollar encourage buying. “The market has broken the last Y142/kg technical resistance level so the outlook has improved slightly, though fundamentals are unchanged,” says trader in Tokyo. Adds, test of Y150/kg likely in coming sessions, though that level will present a big psychological barrier. “If it does break through Y150/kg though, a test of Y152/kg technical resistance is likely.” Benchmark August RSS3 contract settles Y6.9 higher at Y148.7/kg. (ANJ)

Source: Dow Jones

[Dow Jones] Physical prices of Thai USS3 rubber extend recent gains as prices continue finding support from low seasonal supply, says trader in Phuket. Adds market activity very slow, with Tocom”s closure damping interest. Further gains likely next week, though tapping work will likely start to increase as cooler weather sets in toward end of next month. Thai USS3 traded on Hat Yai Central Rubber Market at THB46.35/kg vs THB46.18/kg yesterday. (ANJ)

Source: Dow Jones

TOKYO, March 19 (Reuters) – Key Tokyo rubber futures rose on
Thursday to close above 140 yen after firm oil prices helped wipe
out earlier losses that came in the wake of the Federal Reserve’s
surprise move to buy long-dated U.S. government debt.
* Tokyo rubber futures initially came under pressure from the
yen’s rise against the dollar after the Fed said on Wednesday it
would buy up to $300 billion worth of longer term U.S. government
debt over the next six months. [ID:nLJ337842]
* Oil’s rally to above $49 a barrel after the Fed’s move,
which hurt the dollar, helped erase earlier losses. [O/R]
* “The rubber market is down on the yen,” said a trader at a
Japanese trading company.
* “But its current tendency showing a positive correlation
with oil prices means the market has upside potential. Also,
technically yesterday’s rally clearing the recent range is a
positive sign in the midterm.”
* The key Tokyo Commodity Exchange rubber contract for August
delivery <0#JRU:> closed up at 141.8 yen, a rise of 0.8 yen or
0.6 percent, rallying from the intra-day low of 139 yen.
* The contract rose as high as 143.3 yen on Wednesday, the
highest since Feb. 27.
* The Tokyo market is closed on Friday for a national holiday
and trading resumes on Monday.
* India’s revised rubber production in the current fiscal
year is seen falling marginally to 859,000 tonnes from an earlier
estimate of 861,000 tonnes due to dry weather and lower yields, a
top official said. [ID:nBMB004874]
* The dollar limped higher on Thursday after suffering its
biggest daily plunge since 1985 as the Fed stunned investors by
saying it would buy long-term Treasuries in an effective printing
of money. [USD/]
* In the physical market, prices were little changed on
Thursday, with traders making few transactions because of a mixed
outlook for prices.

PRICES OF ASIAN PHYSICAL RUBBER COMPARED WITH WEDNESDAY
Grade Price Change
Thai RSS3 (Apr) $1.42/kg -$0.03
Thai RSS3 (May) $1.42/kg -$0.03
Thai STR20 (Apr) $1.40/kg unchanged
Thai STR20 (May) $1.40/kg unchanged
Malaysia SMR20 (Apr) $1.40/kg unchanged
Malaysia SMR20 (May) $1.40/kg unchanged
Indonesia SIR20 (Apr) $0.57/lb unchanged
Indonesia SIR20 (May) $0.57/lb unchanged
Thai USS3 46 baht/kg unchanged
Thai 60-percent latex (drums, Apr) $1,300/tonne unchanged
Thai 60-percent latex (bulk, Apr) $1,200/tonne unchanged

Source: Reuters

[Dow Jones] Tocom rubber futures settle higher, with benchmark contract closing at a 3-week high above closely-watched Y140/kg level. Recent stability in crude market and weakness in yen vs dollar main factors for today”s rise; further upside possible though Tocom likely to find technical resistance at Y142.7/kg, says trader. Benchmark Aug RSS3 contract settles Y2 higher at Y141/kg. (ANJ)

Source: Dow Jones