Thursday, March 17, 2011

Tokyo rubber futures jump

Bangkok (march 18, 2011) : tokyo rubber futures hit a one-week high on thursday, jumping at one stage by the 30 yen limit as buying by investment funds helped push the price through resistance at 390 yen, dealers said. the benchmarkrubber contract on the tokyo commodity exchange for august delivery eventually settled 27.9 yen higher at 396.9 yen ($4.91) per kg.
it had risen as much as 8 percent to 399.0 yen per kg, the highest since march 11. the most active rubber contract on shanghai commodity exchange for may delivery rose 90 yuan to finish at 34,335 yuan ($5,224) per tonne.
the government of thailand, the world's biggest exporter, has asked exporters to halt shipments in an effort to support prices and they have around 300,000 tonnes of rubber sheet in stocks. a meeting of the world's top three rubberproducers - thailand, indonesia and malaysia - due this week to find ways to stabilise prices has been pushed back but is still expected this month. brent reversed early losses to hold above $111 on thursday as tensions in the middle east kept a floor under prices, while investors continued to assess the impact on energy demand from a worsening nuclear crisis in quake-hit japan.