This entry was posted on Friday, January 27th, 2012 at 8:09 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.
Tokyo rubber futures fell 2 percent on Friday on profit-taking after recent rises, but prices were likely to rebound next week after finishing above a strong support level of 310 yen, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for July delivery fell 7.4 yen to settle at 316.4 yen ($4.09) per kg.
“Players took profit ahead of the weekend. However, prices could rebound again next week as the Thai intervention and firm oil prices should lend support,” one dealer said.
Thailand said it would started immediately its plan to buy rubber from farmers at 120 baht per tonne to prop up prices. [ID:nL4E8CO34M]
Brent crude rose above $111 on Friday on hopes of steady demand growth as positive data from the United States boosted expectations of economic expansion gaining momentum in the world’s top oil consumer. [O/R]
($1 = 77.3100 Japanese yen)
Source: Reuters