This entry was posted on Thursday, July 23rd, 2009 at 8:32 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.
[Dow Jones] Tocom rubber futures settle marginally higher. Recent steadier crude oil prices, tight physical supply due to rain-induced delays to plantation work in southern Thailand continue to lend mild support, though market may need further catalyst for any push much higher in near term, observers say. However, December contract did test, break above, widely regarded technical resistance at Y177/kg today – rising briefly to intraday high of Y177.2/kg – while sustained break above that level tomorrow to pave way for test of next upside target at Y179/kg, says trader in Singapore. Adds immediate support likely at Y170/kg – though market will continue to be heavily influenced by external factors. Benchmark December RSS3 contract settles Y0.4 higher at Y175/kg. (ANJ)
Source: Dow Jones