Tokyo rubber up 2.8% as oil prices rebound
|
|
|
Tokyo rubber futures ended 2.8 per cent higher on Friday, bouncing back from early losses due to speculative buying, fuelled by a recovery in oil prices.
The benchmark April 2009 contract on the Tokyo Commodity Exchange rose ¥5, or 2.8 per cent, to settle at ¥183.9 ($1.89) per kg. Oil rebounded from a 20-month low to hover above $61 a barrel on Friday.
Rubber prices often move in line with oil as both markets are sensitive to demand from automobile users.
Trade in the Tokyo rubber market remained volatile, with investor sentiment at the mercy of wild swings in other financial markets. On the physical front, rubber prices were lower after early falls on TOCOM and trade remained thin.
|
|
|
|
Source : Business Line |
|
|
|
|
|
RecycleINme.com. All Rights Reserved
