BANGKOK, June 4 - Tokyo rubber futures were mixed on Friday as the benchmark distant contract inched up on speculative buying, while nearby contracts fell on stop-loss selling, dealers said.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for November delivery edged up 0.4 yen to settle at 273.9 yen ($2.96) per kg. It rebounded from an intra-day low of 265.7 yen on speculative buying, supported by a prospect of strong demand on the fundamental side.
* "Technically, players bought back the benchmark sixth month contract after prices found a strong support level of 265 yen. Prices were still supported by strong demand," a Japanese dealer said.
* Other nearby contracts fell between 0.6 yen to 6.8 yen as players continued to sell contracts to stop loss because oil prices remained weak, dealers said.
* Oil slipped on Friday from its highest closing price in three weeks as investors remained sceptical that rising U.S. demand and falling stockpiles would prevail over concern Europe's debt crisis may deepen.
* Dealers said TOCOM prices were expected to rise further next week as technical sentiment improved after prices finished above a psychological support level of 265 yen, but the rises could be capped by profit-taking. ($1=92.53 Yen)
(news.alibaba.com)
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