TOKYO, April 13 — Key Tokyo rubber futures extended losses today as investors became wary of recent sharp price increases, although a holiday in top producer Thailand kept trade in a narrow range.
Fundamentals
The key Tokyo Commodity Exchange rubber contract for September delivery eased 4.7 yen or 1 per cent to 454.4 yen per kg as of 0018 GMT.
The contract tumbled as much as 3.8 per cent to a low of ¥457.2 yesterday, tracking other commodities lower after Goldman Sachs advised its clients to lock in commodity trading profits.
The most active Shanghai rubber contract for September delivery fell 610 yuan to close at 36,455 yuan (RM16,839) per tonne yesterday. Volume stood at 495,298 lots. Thailand’s Songkran festival holidays are from Wednesday to Friday.
Oil remained pressured after falling more than US$3 yesterday as Goldman Sachs warned again of a price reversal and key forecasters said expensive crude could erode demand.
The yen held firm early in Asia today, having gained broadly as profit taking on short positions took off on the back of renewed risk aversion, while investors also favoured the Swiss franc as a safe-haven currency.
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Market news
Toyota Motor Corp plans to stop production in five plants across Europe for several days in April and May due to a shortage of supplies from Japan, the company said yesterday.
High petroleum prices will cut into global oil demand but not until next year, the US government’s energy forecasting agency said yesterday.
Japan’s nuclear crisis is slowly stabilising and the country must now focus on repairing the damage wrought by the devastating earthquake and tsunami that struck the northeast coast a month ago, Prime Minister Naoto Kan said.
Japan’s Nikkei stock average was up 0.4 per cent at 9,593.50
US stocks dropped yesterday on worries falling oil prices could set off a reversal in the high-flying energy sector, while Alcoa’s leaner-than-expected revenue disappointed. — Reuters
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