This entry was posted on Wednesday, January 14th, 2009 at 8:34 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 higher as steadier crude oil, talk of possible intervention measures by Thailand spur short covering, mild fresh long buying by day traders, says Mitsubishi Corporation futures analyst, Shuji Sugata. Says test of Y156.3/kg technical resistance possible tomorrow, “though a longer-term weak outlook for crude, which appears to be finding resistance at $40/bbl, along with some doubts about the viability of Thailand”s proposal to stockpile 200,000 tons (of rubber) may mean selling comes in sooner rather than later.” However, Tocom should find near-term support at Y145/kg five-day moving average, barring fresh bearish news, Sugata says. Benchmark June RSS3 contract settles Y10.9 higher at Y148.8/kg. (ANJ)
Source: Dow Jones