BANGKOK, Feb 23 (Reuters) – Tokyo rubber futures slipped on Thursday due to profit-taking after recent rises, but low supply and firm oil prices still supported prices to stay near a 5-month high level, dealers said.
The most active Shanghai rubber contract for May delivery was up 135 yuan to finish at 29,235 yuan ($4,600) per tonne.
The front-month March rubber contract on SICOM was steady at 380.30 U.S. cents per kg.
“Small investors took profit after recent rises. However, thin trading volume and firm oil prices helped limit losses,” one dealer said.
Brent crude held steady on Thursday, near a nine-month high of about $123, as supply worries caused by heightened tension between Iran and the West offset concern that a slowdown in the global economy could curb oil demand.
Dealers said TOCOM prices were expected to rebound on Friday as technical sentiment improved after prices finished above a major support level of 330 yen, while seasonal falling supply should lend additional support.
($1 = 80.3200 Japanese yen)
($1 = 6.2960 Chinese yuan)
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