This entry was posted on Thursday, December 4th, 2008 at 4:31 pm and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
Tocom rubber futures settle sharply lower as weak crude oil prices, bearish demand outlook continue to drag sentiment lower. Breach today of recent Y110/kg psychological support further underscores bearish tone; next downside target Y100/kg. “I”m bearish on rubber until at least the end of this year, and probably beyond; technical charts are pointing south…car sales continue to slump, and crude oil below $50 bbl is certainly not good news for the natural rubber market,” says Mitsubishi Corporation Futures analyst Shuji Sugata. Benchmark May RSS3 contract settles Y9.3 lower at Y108.3/kg. (ANJ)
Source: Dow Jones Newswires