This entry was posted on Tuesday, April 21st, 2009 at 5:11 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.
[Dow Jones] Tocom rubber futures settle down with benchmark contract at lowest since April 2 as recent weakness in crude oil prices, breach of Y160/kg psychological support sparks selling, says trader in Tokyo. Adds further downside now appears likely though Tocom expected to find immediate psychological support at Y150/kg. “It appears the recent rebound has ground to a halt. Demand is weak due to the global slowdown in car sales and wintering is coming to an end so I think a test of Y150/kg now looks probable, with Tocom likely to stay in a Y150-Y165 range while the upper reaches of that band look like a good selling opportunity,” trader says. Benchmark Sep RSS3 contract settles Y7.4 lower at Y158.1/kg. (ANJ)
Source: Dow Jones