Tokyo rubber pares gain on profit taking

Print this page Posted on : 12-29-2007 by recycleinme.com

Tokyo rubber futures ended lower on Friday, retreating from their highest levels in almost 18 months due to profit-taking triggered by a recovery in the yen.

The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery fell 1.2 yen to settle at ¥309.0 ($2.72) per kg. On Thursday, the contract rose to as high as ¥313.3, the highest for any benchmark since July 2006, an increase of 24 per cent compared to the start of this year.

In the physical market, rubber was quoted unchanged as demand from end-users offset falls on TOCOM. Tyremakers bought Thai RSS 3 at $2.58 per kg for January shipment, but overall trading remained thin with most players on year-end holidays, a Thai trader said.

Source : Business Line