TOKYO, Dec 7 (Reuters) – Key Tokyo rubber futures inched up early on Wednesday tracking gains in oil, with the market supported by the prospect of declines in supply after January and rising demand in China ahead of the Chinese New Year.
FUNDAMENTALS
* The key Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:> was up 1.4 percent, or 4 yen, at 288.5 yen per kg as of 0025 GMT.
* The most active Shanghai rubber contract for May delivery rose 0.2 percent to close at 26,090 yuan per tonne. Volume stood at 639,788 lots.
* U.S. crude oil futures added to gains slightly in post-settlement trading on Tuesday after data from the American Petroleum Institute showed a 5 million barrel crude stocks draw last week, much more than forecast.
* The yen was steady against the dollar at 77.78.
* Chinese buyers typically restock ahead of the Chinese New Year, which starts January 22 this year, in anticipation of strong demand after the holiday season, while the market faces a seasonal decline in supply from rubber producing nations including Thailand after January.
* For the top stories in rubber market and other news, click , or
MARKET NEWS
* The Nikkei share average edged up on Wednesday but looked likely to stick to recent ranges on investor hopes that warnings from Standard & Poor’s will spur euro zone leaders to agree to strengthen the region’s bailout fund.
No comments:
Post a Comment