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SINGAPORE, Nov 30 (Reuters) – Tokyo rubber futures closed 2
percent higher on Monday as a weaker yen plucked the most active
contract from a 1-week low struck last week.
* TOCOM’s rubber contract for May 2010 delivery
settled 5.8 yen per kg higher at 247 yen, having hit an intraday
low of 239.7 on Friday after a drop in oil prices ignited
stop-loss selling.
* The contract was still within sight of a 13-month high of
255.3 yen hit on Nov. 26.
* “I would say the market is driven by a technical rebound
today and it may be trying to test the 250 yen level again,” said
a dealer in Thailand’s southern city of Hat Yai.
* The dollar edged up 0.2 percent to 86.67 yen , well
off a 14-year low of 84.82 yen hit on Friday on EBS. The yen had
gained in early trade after inance Minister Hirohisa Fujii was
quoted by the Mainichi daily as saying he would not intervene in
currency markets. [USD/]
* Rubber output in Thailand, Indonesia and Malaysia will drop
more than 6 percent in 2009 after unusually heavy rains caused
flooding, an industry group said on Monday, raising the prospect
of a price rally to last year’s peak. [ID:nSP447277]
* Asian physical rubber prices were mostly steady on Monday
after Tokyo futures bounced from last week’s lows, but fresh
supply of latex began arriving in Thailand as rains subsided.
Source: Reuters