Tokyo rubber futures ended down 3 percent on Thursday (April 21) on selling by funds but firmer oil prices helped prices bounce off lows to finish above support at 400 yen, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange fell 13.6 yen to settle at 412.3 yen ($5.000) per kg. It fell as much as 3.4 percent to an intra-day low of 411.3 yen.
The most-active rubber contract on the Shanghai commodities exchange for September delivery fell 365 yuan to settle at 34,510 yuan per tonne.
"Funds liquidated contracts heavily after prices failed to break above 440 yen. But I think TOCOM prices were still finding support as they settled above 400 yen level," said a Tokyo-based dealer.
Brent crude climbed above $124 a barrel on Thursday (April 21) as U.S. crude inventories fell unexpectedly last week and a sharply weaker dollar triggered a rush into riskier assets.
Dealers said other factors such as strong earnings and firm U.S. stock market also helped support TOCOM prices.
Big earnings surprises lifted investor sentiment on Wednesday, propelling U.S. stocks to their best day in a month and lifting the Dow industrials to their highest in almost three years.
TOCOM rubber was expected to rebound on Friday after the benchmark price found support at 400-410 yen, dealers said.
(Reuters, Bangkok, April 21, 2011)
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