This entry was posted on Thursday, November 26th, 2009 at 9:01 pm and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
BANGKOK, Nov 26 (Reuters) – Tokyo rubber futures ended higher
on Thursday, supported by firmer oil prices, bu profit-taking
capped gains, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for May delivery rose 1.2 yen to settle at
253.1 yen ($2.90) per kg after hitting a 13-month high of 255.3
yen per kg.
* “Rubber prices remained firm as oil prices lent support,
but prices lacked the momentum to rise sharply as players took
profits,” one dealer said.
* Oil was steady above $77 a barrel on Thursday in
holiday-thinned trade, after rising 2 percent the previous day,
buoyed by the dollar’s sharp fall and a lower-than-expected build
in U.S. crude inventories. [ID:nSIN77260]
* In theory, high oil prices push up the price of an
alternative petrochemical product, synthetic rubber, and
encourage users to shift to natural rubber.
($1=87.32 Yen)
Source: Reuters