Thursday, April 21, 2011

Tokyo rubber futures up four percent

Bangkok (april 21, 2011) : tokyo rubber futures finished 4 percent higher on wednesday, with sentiment boosted by firmness of other commodities, but profit-taking pulled prices down from intra-day highs, dealers said. the benchmarkrubber contract on the tokyo commodity exchange for september delivery rose 16.2 yen, or 4 percent, to settle at 425.9 yen ($5.157) per kg. that was down from intra-day highs of 5.2 percent.
the most-active shanghai rubber contract for september delivery also rose 1,005 yuan to settle at 34,875 yuan ($5,340.409) per tonne. "sentiment improved after prices broke above a key resistance of 410 yen and 425 yen respectively," one dealer said.
tocom rubber was expected to rise further on thursday after prices finished above a key resistance of 425 yen, while dealers said recovering oil prices should provide additional support. india's natural rubber production in march rose 7.4 percent on year to 54,400 tonnes, the state-run rubber board said in a statement on tuesday, as record high prices prompted farmers to increase tapping.