Tokyo rubber ends higher on bargain-hunting
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Tokyo rubber futures closed higher on Wednesday on bargain hunting, partially reversing a recent sharp downturn led by fund selling amid concerns about poor demand. The key Tokyo Commodity Exchange rubber contract for January delivery finished at ¥316.7 per kg, up ¥1.9 or 0.6 per cent from the previous close. Other contracts reversed earlier losses to close higher by ¥2.1-3.1.
"The rubber market took a breather and so did other commodities,'' said Mr Hitoshi Inagawa, senior manager at Yutaka Shoji Co.
Bargain hunting emerged as the January contract stopped falling at ¥314 on Tuesday, close to the June trough of ¥313.4 and down more than ¥30 in the past month. In the physical market, prices firmed, partly reflecting a slowdown in supply due to scattered rains in some areas in Thailand.
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Source : Business Line |
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