Tokyo Futures Ease On Profit-Taking Supply Worry Supports

Key Tokyo rubber futures fell on Friday (Feb 25) as investors took profits after recent high prices, but supply concerns continued to provide support.
The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery, which debuted on Wednesday (Feb 23), fell 3 yen or 0.6 percent to 475.8 yen per kg as of 0029 GMT.
The contract fell as low as 469.3 yen on Thursday (Feb 24), the lowest since Feb. 2.
The most active Shanghai rubber futures for May delivery closed on Thursday (Feb 24) at 38,355 yuan per tonne, down from Wednesday's (Feb 23) close of 39,530 yuan. The contract hit a record high of 43,500 yuan on Feb. 9.
U.S. crude futures were up on Friday (Feb 25). Brent crude sank from 2-½ year highs near $120 a barrel in strong, late-day profit-taking following an unsubstantiated rumour Muammar Gaddafi had been shot and Saudi Arabia's assurances it can counter Libyan supply disruptions.
The dollar nursed heavy losses early in Asia on Friday (Feb 25), hovering above a record low versus the Swiss franc as investors sought safety in other currencies on fears the unrest in Libya will spread to other oil producers.
(Reuters, February 25, 2011)