BANGKOK, Aug 23 (Reuters) – Tokyo rubber futures edged up on Tuesday, supported by a recovery in oil prices but with gains still limited by fears of a global economic downturn, dealers said.
“Rebounding oil prices lent support and the market has been testing major resistance at 360 yen. But it seemed like worries about the global economy still weighed on prices,” one dealer said.
The most active Shanghai rubber contract for January rose 270 yuan to finish at 33,120 yuan ($5,173) per tonne.
U.S. crude rose towards $85.60 a barrel on Tuesday on expectations of a drop in stockpiles.
Dealers said the rubber market was still concerned about the weak global economy, but TOCOM was expected to be supported by demand from the fundamental side, which was likely to rise now that prices had consolidated at levels acceptable to big buyers.
Benchmark Thai rubber sheet (RSS3) was offered at $4.65 per kg, little changed from last week but below the $4.85 per kg seen early in August.
($1 = 76.770 Japanese Yen)
($1 = 6.401 Chinese Yuan)
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