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TOKYO, Aug 26 (Reuters) – Tokyo rubber futures rose to recover from earlier losses helped by steadier crude oil prices and firm stocks, which encouraged the view the economy may be on the mend.
* The Tokyo Commodity Exchange rubber contract for February <0#JRU:>, which debuted on Wednesday, was at 207 yen per kg at 0617 GMT, after opening at 202 yen, down a touch from the day’s peak so far of 207.6 yen.
* “If the market can stay above 200 yen, I think speculators may try to move the market up to test the previous high of 214 yen,” a Thai-based trader said.
* The TOCOM rubber benchmark rose to a 10-month high of 214 yen on Aug. 14.
* The August rubber futures contract expired on Tuesday at 197.2 yen per kg, up 1.8 yen on the day, with 164 lots or 820 tonnes of deliveries. [ID:nT64664]
* In the physical market late on Tuesday, Bridgestone Corp <5108.T>, Japan’s top tyre maker, bought Thai RSS3 grade for October at $2.08 per kg, as it continued its purchases of the industrial commodity.
* China, the world’s top rubber consumer, bought a large volume of Indonesian SIR20 for November for 85 cents per pound.
* U.S. crude for October steadied to trade above $72 per barrel on Wednesday, after tumbling 3 percent in the previous session as dealers rushed to take profits from a rally that had culminated in a 10-month peak earlier in the day. [O/R]
* Against the yen, the dollar was steady on the day at 94.22 yen . [USD/]
* Toyota Motor Corp <7203.T>, the No.1 automaker, will cut its global production capacity to match lower sales, a company source with direct knowledge of the matter said on Wednesday. [ID:nBNG459680]
* Japan’s Nikkei stock average hit its highest close in 10 months on Wednesday after U.S. data strengthened hopes for an economic recovery, but trade was cautious ahead of an Aug. 30 election in Japan. [.T]
* U.S. stocks rose on Tuesday when a U.S. consumer confidence index topped economists’ forecasts and a home price index for June showed a rise for a second straight month, suggesting a recovery in two sectors crucial to a rebound in the U.S. economy. The nomination of Ben Bernanke for a second term as head of the Federal Reserve also reassured investors. [.N]
Source: Reuters