Key TOCOM rubber futures inched down on Friday, tracking losses in shares as riskier assets came under pressure on uncertainty over global growth, although a weaker yen provided support. Weak US unemployment and factory activity data overnight renewed doubts about growth, sending Wall Street lower and hitting commodity-related currencies during Asian trading.
The key Tokyo Commodity Exchange rubber contract for September delivery settled at 307.5 yen per kg, down 1.5 yen. "The support line is currently seen at around 300 yen, but some are trying to test prices below," said a trader. The most active Shanghai rubber contract for September delivery closed at 27,230 yuan per tonne, down from 27,245 yuan on Thursday. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 7.6 percent from last Friday, the exchange said on Friday. The front-month May rubber contract on the SICOM in Singapore was last traded at 363.1 US cents per kg, down 1.1 cents.
Comments
Comments are closed for this article.