Tokyo rubber futures slipped lower on Wednesday as investors took profits after recent highs, but firmer oil prices lent support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for December delivery dropped 0.6 yen to settle at 245 yen ($2.44) per kg. The contract rose to an intra-day high of 249.0 yen per kg, the highest in three weeks, before profit-taking set in.
"TOCOM prices were still supported by firm oil prices, but small players took profits after recent gains amid thin trade and that dragged TOCOM prices down," said a Bangkok-based dealer. Dealers said TOCOM prices could rebound on Thursday after prices found a strong support level at 245 yen.
The most-active rubber contract on the Shanghai futures exchange for January delivery was down 175 yuan, finishing at 18,040 yuan ($2,900) per tonne. The front-month August rubber contract on Singapore's SICOM exchange was last traded at 221.5 US cents per kg, down 4.0 cents.
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