Bangkok (march 25, 2011) : tokyo rubber futures ended slightly higher on thursday, supported by strong demand at a time when supply in major producing countries is tight, but gains were limited by profit-taking, dealers said.
the benchmark rubber contract on the tokyo commodity exchange for august delivery rose 2.8 yen, or 0.6 percent, to settle at 436.4 yen ($5.39) per kg. it rose 2 percent early in the session to 442.8 yen before profit-taking set in. "players started taking profits when prices tipped over 440 yen, the key resistance," said a tokyo-based trader.
however, some dealers said futures could rise further on friday, with 430 yen seen as a strong support level. the most active shanghai rubber contract for may delivery slipped 25 yuan to settle at 36,625 yuan ($5,585) per tonne. physicalrubber prices jumped at least 33 percent this week as tyremakers returned to the market and resumed buying after prices fell to levels they found acceptable.
Thursday, March 24, 2011
Tokyo rubber futures higher
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment