SINGAPORE, Feb 1 (Reuters) – Tokyo’s most active rubber
futures closed slightly higher on Monday on bargain hunting but
weaker oil prices and improving supply in the physical market
could cap gains in coming days.
* TOCOM’s July 2010 contract ended 1.1 yen per kg
higher at 275.4 yen, having fallen as low as 272.5 yen — within
sight of a five-week low of 269.0 yen hit last week.
* The contract was 10 percent below a 16-month high of 306
yen struck in the middle of January.
* Oil prices fell on Monday, extending the worst loss in 13
months in January on concerns about global growth and sluggish
oil demand. [O/R]
* Fresh economic data out of China, the world’s
second-largest energy consumer, heightened concerns that Beijing
would further tighten monetary policy. [ID:nTOE61003S]
* Asian physical rubber prices fell more than 1 percent to
track early losses on TOCOM. [ID:nSGE61005S]
* “Supply is picking in Thailand before the dry wintering
season starts again soon,” said a dealer in Tokyo.
“I think it’s too early to say if we can go back to 300 yen
again. It’s going to be a range trade of 270 to 280 yen,” he
added.
* Tokyo rubber futures, pushed down recently by weaker oil
prices, a firmer Japanese yen and tighter Chinese credit policy,
could stabilise this month and turn back up towards 300 yen per
kg in March, a Reuters poll showed. [RUB/POLL]
* U.S. safety regulators are satisfied with a Toyota Motor
Corp <7203.T> plan for fixing an accelerator problem that is
part of a widening global recall and unprecedented sales and
production halt, a government official said on Saturday.
[ID:nN30167915]
* Ivory Coast’s rubber output is rising and will jump next
year as soaring demand from China encourages its farmers to
switch from growing cocoa and coffee, Akpangni Attobra, general
secretary of the Ivorian natural rubber association, told
Reuters in an interview. Attobra said demand from China was far
in excess of Ivory Coast’s ability to meet it. [ID:nCOC945317]

Source: Reuters

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