BANGKOK, Feb 26 (Reuters) – Tokyo rubber futures ended higher
on Friday, pushed up by steady oil prices and tight supply on the
physical market, with a lower yen providing additional support,
dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for August delivery rose 1.4 yen to settle at
296.1 yen ($3.32) per kg.
* TOCOM rubber was expected to rise next week to test
resistance at 300 yen per kg after this week’s correction,
dealers said.
* Oil steadied above $78 a barrel on Friday as traders
awaited a slew of U.S. data later in the day to gauge the health
of the economy of the world’s largest oil consumer. [O/R]
* Physical supply was falling as Thailand, the world’s
biggest rubber exporter, is in the dry season, when rubber trees
stop producing latex.
* The yen dipped on Friday — although it held on to the bulk
of its gains from the day before — as doubts about the pace of a
global economic recovery and persistent worries about sovereign
debt problems in Greece kept investors away from riskier
currencies. [ID:nTOE61P05F]
* A lower yen makes dollar-based rubber more expensive and
usually encourages players to take speculative buying positions
on Tokyo rubber futures.
($1=89.13 Yen)

Source: Reuters

Comments are closed.