Tokyo rubber dips, off low on supply tightness
[2008-3-31]
Tokyo rubber futures fell more than 1 percent on Monday as lower crude oil prices led to more selling, but prices rebounded somewhat on concerns over a seasonal tightness in supplies.
A softer yen also provided some support.
The benchmark Tokyo Commodity Exchange rubber contract for September delivery <0#JRU:> closed the morning at 280.7 yen per kg, down 0.3 yen, after earlier sinking about 1.4 percent to 277.1 yen.
"When you look at the rubber market by itself, you would think prices could be at a higher level ... but it's the other related factors and markets that are shaping rubber at the moment," a Tokyo-based trader said.
Supplies have been falling in Thailand, the world's top producer, and Malaysia, the third largest, due to the wintering dry season when latex output falls.
The benchmark contract is still trading well above its three-and-a-half month low of 266.1 yen marked on March 21.
The trader said the market may again test that level, although he did not expect it to be breached.
"Given the state of the physical market, I don't anticipate it dipping below that level," he said.
A softer yen also provided some support.
The benchmark Tokyo Commodity Exchange rubber contract for September delivery <0#JRU:> closed the morning at 280.7 yen per kg, down 0.3 yen, after earlier sinking about 1.4 percent to 277.1 yen.
"When you look at the rubber market by itself, you would think prices could be at a higher level ... but it's the other related factors and markets that are shaping rubber at the moment," a Tokyo-based trader said.
Supplies have been falling in Thailand, the world's top producer, and Malaysia, the third largest, due to the wintering dry season when latex output falls.
The benchmark contract is still trading well above its three-and-a-half month low of 266.1 yen marked on March 21.
The trader said the market may again test that level, although he did not expect it to be breached.
"Given the state of the physical market, I don't anticipate it dipping below that level," he said.
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