Bangkok (april 02, 2011) : tokyo rubber futures fell on friday on technical selling as players liquidated contract to avoid risks ahead of the weekend after prices failed to break above a key resistance of 440.0 yen, dealers said. the benchmark september-delivery contract on the tokyo commodity exchange fell 4.8 yen, or 1.1 percent, to settle at 427.4 yen ($5.14) per kg.
the most-active shanghai rubber contract for september delivery dropped 260 yuan to finish at 34,635 yuan ($5,288) per tonne. brent crude was steady above $117, after earlier touching a four-week high, as investors awaited an expected positive us march payroll report due later on friday for clues to demand prospects by the world's largest oil importer.
the yen slid to a 10-month low against the euro and fell below its 200-day moving average versus the dollar on friday, poised for more weakness as widening yield differences increased the appeal of using the yen to fund investments in other currencies. tocom prices were likely to stay firm on limited supply in producing countries but prices were expected to be trapped in a narrow range between 420 and 440 yen per kg.
Friday, April 1, 2011
Tokyo rubber futures fall
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