Tokyo rubber tracks crude, gains a tad
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Tokyo rubber futures ended slightly higher on Friday, tracking surging oil prices, but gains were capped as investors sold contracts ahead of the weekend. The benchmark rubber contract on the Tokyo Commodity Exchange for December delivery rose ¥1.2 to settle at ¥346.9 ($3.25) per kg.
"Some investors think that the TOCOM's bullish trend may have ended after prices could not stay above ¥350,'' a Japanese dealer said. "They wanted to liquidate contracts to avoid risks.''
Rains in Thailand, the biggest rubber producer, have stopped, allowing farmers to tap more latex and supply was expected to get back to normal by late July, a trader in Thailand's Hat Yai rubber centre said.
In the physical market, Indonesia's SIR20 was traded late on Thursday at 146.25 and 146.50 US cents per pound ($3.22 and $3.23 a kg) for September shipment free on board Belawan in North Sumatra. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 10 per cent in the week ended on Thursday, the exchange said on Friday. Rubber inventories rose to 18,960 tonnes from 17,225 tonnes the week before.
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Source : Business Line |
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