Tokyo rubber jumped 7 percent on Friday (Mar 18) on supply worries after Thailand, the world's biggest producer, halted exports in a bid to push up prices, while firmer oil provided additional support, dealers said.
FUNDAMENTALS
The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 28 yen, or 7 percent, to a one-week high of 424.9 yen ($5.26) per kg.
The most active Shanghai rubber contract for May delivery rose 1,265 yuan to 35,600 yuan ($5,418) per tonnes by 0102 GMT.
"TOCOM rubber is rebounding as players keep buying after Thailand said it would halt exports," said a Tokyo-based dealer.
ICE Brent crude rose more than a dollar on Friday (Mar 18) on fears of further escalation of geopolitical tension in the Middle East and North Africa.
(Reuters, March 18, 2011)
Sunday, March 20, 2011
Tokyo Futures Jump 7 Pct On Supply Worries
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