BANGKOK, Aug 3 (Reuters) – Tokyo rubber futures ended lower on Friday as players continued to sell contracts after the European Central Bank failed to announce imminent measures to boost the euro zone economy, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange for January delivery fell 4.6 yen to settle at 226.4 yen ($2.89) per kg.
The most-active rubber contract on the Shanghai Futures Exchange for January delivery was down 135 yuan to finish at 22,470 yuan ($3,500) per tonne.
The front-month September rubber contract on Singapore’s SICOM exchange was last traded at 276.8 U.S. cents per kg, down 3.3 cents.
“TOCOM sentiment was weak and players continued to sell contracts as the ECB disappointed the market,” said a Bangkok-based dealer.
The ECB said on Thursday it may again start buying government bonds to reduce crippling Spanish and Italian borrowing costs, but no fresh stimulus measures were announced to help support weak EU economy.
Dealers said TOCOM was expected to be trapped in a narrow range next week with 220 yen per kg being seen as a major support, while resistance was pegged at 230 yen per kg.
($1 = 78.2150 Japanese yen)
($1 = 6.3674 Chinese yuan) (Reporting by Apornrath Phoonphongphiphat; Editing by Ed Lane)
Source: http://sg.finance.yahoo.com/news/rubber-tokyo-futures-slip-lower-080225313.html
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