The natural rubber futures in Tokyo commodity exchange tumbled on Thursday, reflecting weak crude oil prices and a strong yen encouraged investors to step up selling of the industrial commodity needed to produce tyres.
Asian physical rubber prices were firm to slightly higher on Thursday supported by tight supply
fundamentals, which has helped shrug off the weakness in Tokyo rubber futures.
The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery went down by 12.4 yen, traded at 169 yen.
Rain in Thailand, the world's top rubber producer, has raised concerns about supply tightness, helping to support physical prices of the industrial commodity. The traders said that precipitation this year seemed heavier than usual.
In domestic market on Wednesday. RSS 4 moved down to Rs 84 from Rs 84.50 a kg on buyer resistance.
According to the Vietnam Rubber Association, the rubber price has been decreasing sharply as the oil price has been decreasing, prompting people to use artificial rubber. Moreover, the global financial crisis has affected the consumption of car tyres in developed countries.
Japanese stocks fell for a second day after a decline in crude oil prices to nearly a 20-month low. The Nikkei 225 Stock Average lost 113.79, or 1.3 percent, to close at 8,695.51 in Tokyo.
Oil hits 20-month low, price falls below $58, New York's light sweet crude on Wednesday finished at 56.16 dollars a barrel, down 3.17 dollars from its Tuesday close. In London, Brent North Sea crude slumped 3.34 dollars to settle at 52.37 dollars a barrel.
Gold prices regained some of its recent losses in the domestic market on Wednesday despite a fall in international markets.
Thursday, November 13, 2008
Friday, November 7, 2008
Rubber Extends Falls on Oil Slides
Natural rubber futures in Tokyo commodity exchange fell four percent on Friday, extending its fall into a third session as declines in oil prices fuelled concerns about demand for the industrial commodity.
Rubber prices often move in the line with oil prices as both markets are sensitive to demand from automobile users.
Trade in Tokyo rubber market remained directionless, with investors moving from one side to another mainly due to continued volatility in other financial markets.
The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery went down by 1.3 yen, traded at 177.6 yen.
Japan's benchmark Nikkei share average .N225 fell more than 6 percent on Friday.
In a report Business standard said that the rubber prices may soften more on production rise, the increased production may trouble the situation of rubber market since the domestic stock had risen to 144450 tonne by the end of this October from 104258 tonne during October last. For details…
On New York Mercantile Exchange, light sweet crude for December fell dropped 4.53 dollars a barrel to close 60.77 dollars, its lowest level since March 2007.
The international Energy Agency said Wednesday that it expected the price of oil to rebound above 100 dollars and eventually reach 200 dollars by 2030. In a report on global energy outlook, the agency said it predicted the price to average 100 dollars from 2008 to 2015.
Gold for December delivery fell $10.20 to end at $732.20 an ounce on NYMEX. Gold is now 27 percent lower than the record high above $1,000 hit in March.
Rubber prices often move in the line with oil prices as both markets are sensitive to demand from automobile users.
Trade in Tokyo rubber market remained directionless, with investors moving from one side to another mainly due to continued volatility in other financial markets.
The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery went down by 1.3 yen, traded at 177.6 yen.
Japan's benchmark Nikkei share average .N225 fell more than 6 percent on Friday.
In a report Business standard said that the rubber prices may soften more on production rise, the increased production may trouble the situation of rubber market since the domestic stock had risen to 144450 tonne by the end of this October from 104258 tonne during October last. For details…
On New York Mercantile Exchange, light sweet crude for December fell dropped 4.53 dollars a barrel to close 60.77 dollars, its lowest level since March 2007.
The international Energy Agency said Wednesday that it expected the price of oil to rebound above 100 dollars and eventually reach 200 dollars by 2030. In a report on global energy outlook, the agency said it predicted the price to average 100 dollars from 2008 to 2015.
Gold for December delivery fell $10.20 to end at $732.20 an ounce on NYMEX. Gold is now 27 percent lower than the record high above $1,000 hit in March.
Subscribe to:
Posts (Atom)
