Tokyo rubber futures slipped on Tuesday on stop-loss selling and profit-taking after prices failed to stay above the resistance of 235 yen, but firmness in oil and share prices still lent support, dealers said. The Tokyo Commodity Exchange rubber contract for August delivery fell 0.7 yen to settle at 233.6 yen ($2.30) per kg.
"Investors sold contracts after they saw prices failed to rise substantially higher. However, strong oil prices and share prices still supported," said a Bangkok-based dealer. Japan's benchmark Nikkei average closed up 0.94 percent at 14,411.27 on Tuesday, while the broader Topix gained 0.95 percent to 1,165.94. The most-active rubber contract on the Shanghai futures exchange for September delivery fell 385 yuan to finish at 1,4915 yuan ($2,400)per tonne. The front-month rubber contract on Singapore's SICOM exchange for April delivery last traded at 193.0 US cents per kg, down 2.3 cents.
Comments
Comments are closed.