Tokyo Futures Rise On Supply Concerns, Near Record

Key Tokyo rubber futures rose on Tuesday (February 8) as supply concerns remained, staying within sight of a record high hit late last week.
The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery rose 8.2 yen or 1.7 percent to 499 yen per kg as of 0010 GMT. The contract hit a record high 504 yen on Friday (February 4).
Tokyo rubber futures fell 2.4 percent on Monday (February 7) on weaker oil prices and profit-taking as players liquidated contracts after prices failed to stay firmly above major resistance of 500 yen, but tight supply still lent support, dealers said.
The Shanghai rubber  futures  market is closed and will reopen on Wednesday (February 9) after a week-long holiday.
Benchmark Thai RSS3 was still being offered at the record high of $6.10 per kg on Monday (February 7) despite a fall in Tokyo futures, reflecting strong demand amid tight supply.
Oil prices steadied on Tuesday (February 8) after falling sharply the day before when concerns about Egypt's political turmoil affecting oil flows in the region eased and investors' focus returned to rising U.S. inventories and a tepid employment picture.
The euro held steady on Tuesday (February 8), having recovered from a fall caused by weak German industrial data the day before.
(Reuters, February 8, 2011)