Tokyo (february 24, 2011) : key tokyo rubber futures plunged on wednesday as weak shanghai futures and the yen's strength against the dollar prompted investors to close long positions after recent sharp rallies. the new benchmark tokyo commodity exchange rubber contract for august delivery, which debuted on wednesday, settled at 487.3 yen per kg after opening at 493.3 yen.
the previous benchmark for july delivery, which hit a record high of 535.7 yen last week, settled down 9.5 yen or 1.9 percent at 497.2 yen. the july contract had settled down 3.5 percent on tuesday at 506.7 yen, posting its biggest daily loss in about a month. tocom rubber futures tumbled on tuesday as the shanghai market slid on concerns about demand from china.
the most active shanghai rubber futures for may delivery closed on wednesday at 39,530 yuan ($6,012) per tonne, down 0.4 percent from tuesday's close of 39,700 yuan. it fell as much as 2 percent earlier in the day. volume stood at 650,698 lots, down 27 percent from tuesday's 890,908 lots. the contract hit a record high of 43,500 yuan on february 9.
Wednesday, February 23, 2011
Tokyo rubber futures plunge
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