Tokyo rubber at 1- week low

Print this page Posted on : 04-23-2008 by recycleinme.com

Tokyo rubber futures tumbled by close to 4 per cent to a oneweek low on Tuesday, pressured by a steadier yen and the approach of the psychologically sensitive ¥ 300- level, which sparked profit taking.

The benchmark rubber contract on the Tokyo Commodity Exchange for September delivery sank by 3.9 per cent to the day’s trough of ¥ 284.1 a kg. It later recouped some losses to close the day down ¥ 8.3, or 2.8 per cent, at ¥ 287.2. The day’s peak was ¥ 296.4. Investors cashed in after prices rose to near the ¥ 300 mark, a key resistance level, while the firmer yen against the dollar spurred stop- loss selling, dealers said.

Source : Business Line