Tokyo rubber futures closed slightly firmer on Thursday, supported by light bargain-hunting after demand concerns pulled prices down to a 2-1/2 year low earlier this week. Investors stayed mostly on the sidelines, however, with oil and stock markets providing few clues for a clear direction given low visibility over new European measures to contain the euro zone's debt woes.
The most active Tokyo Commodity Exchange rubber contract for December delivery settled up 0.6 yen at 227.6 yen per kg. The benchmark TOCOM contract fell as low as 222.4 yen on Tuesday, the lowest for any benchmark since Nov. 2, 2009. The newly listed contract for January 2013 delivery closed Thursday at 229.6 yen after opening at 230.2 yen. The January contract is expected to take over the benchmark status on Friday.
In Shanghai, the most-active rubber contract for January delivery closed at 22,210 yuan per tonne, compared with Wednesday's 22,055 yuan. The front-month August rubber contract on Singapore's SICOM exchange was last traded at 284.4 US cents per kg, up 0.3 cents.
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