Tokyo rubber down more than 1 pct on oil dip
[2008-4-1]
Tokyo rubber futures fell more than 1 percent on Tuesday, taking their cue from a sharp decline in crude oil and gold prices.
The benchmark Tokyo Commodity Exchange rubber contract for September delivery <0#JRU:> slipped by 4.0 yen, or 1.4 percent, to a low of 284.5 yen per kg.
TOCOM rubber prices rallied about 3 percent to mark a two-week high on Monday in volatile trade on short covering after recent steep declines.
Crude oil prices fell below $102 a barrel after a week of heavy fighting ended in Iraq's oil port city of Basra and officials predicted a recovery in crude exports.
U.S. crude CLc1 settled down $4.04 at $101.58 on Monday after trading as low as $100.25.
Oil prices often help provide direction for rubber, as high crude oil prices often encourage a shift to natural rubber from synthetic rubber, a petroleum product.
The benchmark TOCOM February 2009 gold contract <0#JAU:> has fallen by as much as 47 yen, or about 1.6 percent, to 2,979 yen per gram.
In the physical market, the wintering dry season when latex output declines is coming to an end in Thailand, the world's top producer and Malaysia, the third largest, a local trader said on Monday.
He said more supplies would likely become available from the second half of April, although it would take until May for significant volumes to appear.
The benchmark Tokyo Commodity Exchange rubber contract for September delivery <0#JRU:> slipped by 4.0 yen, or 1.4 percent, to a low of 284.5 yen per kg.
TOCOM rubber prices rallied about 3 percent to mark a two-week high on Monday in volatile trade on short covering after recent steep declines.
Crude oil prices fell below $102 a barrel after a week of heavy fighting ended in Iraq's oil port city of Basra and officials predicted a recovery in crude exports.
U.S. crude CLc1 settled down $4.04 at $101.58 on Monday after trading as low as $100.25.
Oil prices often help provide direction for rubber, as high crude oil prices often encourage a shift to natural rubber from synthetic rubber, a petroleum product.
The benchmark TOCOM February 2009 gold contract <0#JAU:> has fallen by as much as 47 yen, or about 1.6 percent, to 2,979 yen per gram.
In the physical market, the wintering dry season when latex output declines is coming to an end in Thailand, the world's top producer and Malaysia, the third largest, a local trader said on Monday.
He said more supplies would likely become available from the second half of April, although it would take until May for significant volumes to appear.
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