[Dow Jones] Tocom rubber futures settle down though off intraday low, weighed down primarily by recent weakness in crude oil prices, firmer yen vs dollar, generally weak supply, demand fundamentals. Tocom expected to remain in narrow Y150-Y160 range in coming sessions amid current lack of firm rubber specific direction, say market observers. New benchmark October RSS3 contract, which began today, settles at Y158/kg after opening at Y159.2/kg. (ANJ)

Source: Dow Jones

[Dow Jones] Tocom rubber futures settle higher on technical rebound following recent decline, though weakness in crude oil market likely to limit upside potential, with Tocom expected to continue consolidating in near term in Y150-Y165 range pending fresh leads, say market observers. Benchmark September RSS3 contract settles Y4.8 higher at Y157.8/kg. New spot May and October benchmark contracts begin tomorrow. (ANJ)

Source: Dow Jones

[Dow Jones] Asian cash rubber prices ease, weighed down primarily by another steep drop in regional futures markets. China-based consumers active in morning session, though back on sidelines in afternoon as decline spurs sentiment that prices may ease further still in coming days. Wintering over in Thailand, Malaysia, though heavy rain continues to hamper tapping work at Thailand”s main southern plantations, says trader in Bangkok.

Source: Dow Jones

[Dow Jones] Tocom rubber futures settle down with benchmark contract at lowest since April 2 as recent weakness in crude oil prices, breach of Y160/kg psychological support sparks selling, says trader in Tokyo. Adds further downside now appears likely though Tocom expected to find immediate psychological support at Y150/kg. “It appears the recent rebound has ground to a halt. Demand is weak due to the global slowdown in car sales and wintering is coming to an end so I think a test of Y150/kg now looks probable, with Tocom likely to stay in a Y150-Y165 range while the upper reaches of that band look like a good selling opportunity,” trader says. Benchmark Sep RSS3 contract settles Y7.4 lower at Y158.1/kg. (ANJ)

Source: Dow Jones

TOKYO, April 20 (Reuters) – Tokyo rubber futures dropped below 170 yen per kg to a two-week low, falling for a third straight session as a retreat in oil and gold prices sapped investor appetite for the industrial commodity.
* A speedy, chart-led rally for rubber futures stopped at a touch below 180 yen last week, and traders and investors have since hurried to lock in profits.
* The key Tokyo Commodity Exchange rubber contract for September delivery <0#JRU:> ended at 165.5 yen, down 5.8 yen or 3.4 percent from Friday, when it closed at that day’s low of 171.3 yen.
* On Monday its intraday low was 164.5 yen, the lowest level since April 3.
* “It’s a correction of an overbought market,” said a manager at a Japanese commodity brokerage.
“Friday’s close at the day’s low dampened the market’s mood. But I think the main drag was a sell-off in precious metals and energy markets,” he said.
* The benchmark is currently down 8 percent from a five-month high of 179.7 yen marked on April 13. The manager said it may find a technical floor around 160 yen.
* U.S. oil futures fell as much as 2 percent towards $49 a barrel on Monday, weighed down by a rising U.S. dollar and growing caution about the pace of any global economic recovery. [O/R]
* Spot gold stayed near a three-month low hit late last week as investors remained cautious about demand after the holdings of the world’s largest gold-backed exchange-traded fund fell by the largest margin in 6-½ months. [GOL/]
* The euro struck a one-month low against the dollar and a three-week low versus the yen due to uncertainty over policy steps the European Central Bank may take. Against the yen, the dollar fell 0.4 percent to 98.80 yen . [USD/]
* A firming yen versus the dollar deflates yen-based rubber futures prices. But few rubber traders expect the dollar to fall below 95 yen.
* Tokyo’s Nikkei 225-share average <.N225> managed to erase earlier losses and nudged up 0.2 percent by the close. [.T]
* Physical rubber prices were mostly unchanged.

PRICES OF ASIAN PHYSICAL RUBBER COMPARED WITH FRIDAY
Grade Price Change
Thai RSS3 (May) $1.70/kg unchanged
Thai RSS3 (Jun) $1.70/kg unchanged
Thai STR20 (May) $1.66/kg unchanged
Thai STR20 (Jun) $1.66/kg unchanged
Malaysia SMR20 (May) $1.63/kg unchanged
Malaysia SMR20 (Jun) $1.63/kg unchanged
Indonesia SIR20 (May) $0.69/lb -$0.01
Indonesia SIR20 (Jun) $0.69/lb -$0.01
Thai USS3 53.5 baht/kg unchanged
Thai 60-percent latex (drums, May) $1,320/tonne unchanged
Thai 60-percent latex (bulk, May) $1,200/tonne unchanged

Source: Reuters