This entry was posted on Friday, February 19th, 2010 at 8:49 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.
SINGAPORE, Feb 19 (Reuters) – Tokyo rubber futures inched
down on Friday after briefly hitting 300 yen on speculative
buying, driven by a weaker yen against the dollar and tight
supply in the physical market.
* The most active July 2010 contract on the Tokyo
Commodity Exchange hit an intraday high of 300.2 yen a kg, its
strongest since Jan. 22, as the yen dropped after the U.S.
Federal Reserve raised discount rate.
* The contract settled 1.2 yen lower at 294.6 yen.
* Some dealers expected the contract to revisit the high
again next week, with Chinese buyers returning to the physical
market after the Lunar New Year holidays. Dealers also noted
steady demand from tyre makers.
“Major tyre makers continue their pursuit to buy the
Indonesian grades. They are chasing April and May shipment,”
said a dealer in Jakarta.
* SIR20 was traded late on Thursday at 142 to 143 U.S. cents
per pound, while Thai RSS3 changed hands at $3.18 a kg. The
supply of latex slowed down in Thailand and Indonesia during the
dry wintering season.
* Oil fell more than $1 to below $78 a barrel on Friday,
pushed by the stronger dollar after the U.S. Federal Reserve
raised an emergency lending rate and damped by
higher-than-expected crude inventories in the United States.
[O/R]
* The dollar leapt and the euro hit a nine-month low on
Friday after the Fed’s move signalled it was starting to
normalise monetary policy. [USD/]
* Against the yen, the dollar hit its highest in a month at
92.10 yen . It stopped short of piercing a 200-day moving
average at 92.30 yen which has formed resistance in the past,
and has a longer-term downtrend from June 2007 coming in just
above 93.00 yen.
* For details on physical prices, click on [ID:nSGE61l041]
Source: Reuters