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Feb 19: Tocom Rubber Settles Down; Focus Turns To Y130/Kg

Tocom rubber futures settle lower as sentiment again turns weaker as fresh bearish news from auto manufacturing, tire manufacturing sectors exacerbate concerns about demand, while SHFE drops sharply following report China”s SRB now plans to buy 55,000 tons from SHFE and state-owned farms in Hainan province, down from indications of 80,000 tons in previous reports; focus on Tocom now turns to how market reacts around Y130/kg psychological support tomorrow, with breach of that level likely to spark another round of cut-loss selling, says trader in Tokyo. Benchmark July RSS3 contract settles Y4.3 lower at Y132/kg. (ANJ)

Source: Dow Jones

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« Feb 18: Rubber Reaches Two-Week Low on Concern Recession to Cut Demand
Feb 19: Rubber Reaches 2-Month Low as Bridgestone Says Tire Demand Weak »

This entry was posted on Friday, February 20th, 2009 at 9:02 am 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.

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