RUBBER FUTURES IN TOKYO COMMODITY EXCHANGE EXTENDED GAINS ON MONDAY AS STRENGHTH IN OIL PRICES PROMPTED SHORT COVERING AFTER INVESTMENT FUNDS ACTIVELY CUT POSITIONS LAST WEEK AMID THE FINANCIAL MARKET TURBULENCE. RUBBER FUTURES ROSE MORE THAN ONE PERCENT TODAY.
TOCOM RUBBER AT ONE POINT LOST ABOUT FIVE PERCENT LAST WEAK AFTER THE U.S. FINANCIAL TURN OIL ROCKED GLOBAL MARKETS, PROMOTING INVESTORS TO SHIFT OUT OF RISK ASSETS, INCLUDING RUBBER. PHYSICAL SUPPLY TIGHTNESS WAS PROVIDING SUPPORT FOR TOCOM RUBBER.
NEW YORK CRUDE EXTENDED LAST WEEK’S MASSIVE GAINS AND ROSE ABOVE $105 A BARREL.
TRADERS WERE ALSO WATCHING IF THE KEY CONTRACT COULD FILL IN A CHART GAP TO 300 YEN CREATED WHEN IT DROPPED SHARPLY ON SEPTEMBER 16.
PHYSICAL RUBBER PRICES WERE GAINING SUPPORT AMID LINGERING CONCERNS OVER SUPPLIES, WHILE THERE DEMAND FROM CHINA AND MIDDLE EAST.
TOKYO COMMODITY EXCHANGE:
RUBBER FOR FEBRUARY 2009 DELIVER TRADED AT 294.6 YEN PER KILOGRAM, 2.7 YEN UP.
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