This entry was posted on Friday, March 27th, 2009 at 9:03 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 lower as traders book profits on recent gains ahead of weekend. Sentiment has improved, however, following Tocom”s break out of recent Y140-Y150 range, with breach of several key technical resistance levels along the way also helping to bolster sentiment, says trader. Adds further upside now likely next week, with test of Y160/kg psychological level probable, though market will continue to also be heavily influenced by outside factors, notably currency fluctuations, crude oil and other commodities, amid lack of clear direction from rubber-specific fundamentals. Benchmark Sep RSS3 contract settles Y1.8 lower at Y154.2/kg after touching intraday high of Y159/kg in morning session, highest level since mid-November. (ANJ)
Source: Dow Jones