Tokyo rubber futures ended lower on Friday on profit-taking after recent rises, but prices were still supported by expectations of further intervention by major producing countries this weekend, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery fell 5.1 yen to settle at 273.5 yen ($3.55) per kg.
The most-active Shanghai rubber contract for May delivery dropped 530 yuan to finish at 25,320 yuan ($3,986) per tonne. "Players took profit ahead of the weekend, but prices were still supported because the market realised that the top rubber producers will not let prices fall," one dealer said.
The world's top three rubber producers - Thailand, Indonesia and Malaysia -- are due to meet this weekend in Bangkok to seek ways to stabilise rubber prices. Brent crude held steady at $108 a barrel on Friday, after posting steep losses in the previous session on concerns over demand growth as Europe struggles to keep its debt crisis from spiralling out of control and hurting the global economy. Dealers said TOCOM prices should rebound next week based on whatever measures the top producers decide to support prices.
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