This entry was posted on Monday, September 28th, 2009 at 4:09 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 RSS3 rubber futures settle lower on selling pressure due to weak demand in physical market, stronger yen, traders say. Japanese yen strengthens against U.S. dollar, hits 8-month high of Y88.23. “Many speculators thought it opportune to set up more short positions after taking note of the weakening U.S. dollar,” says trader in Tokyo. U.S. dollar trading around Y89.57 vs Y89.76 on Friday but analysts expect it to move towards Y82 in next six months. “Yen would have been of little consequence for rubber prices but for the lack of physical demand,” says exporter in Singapore. Benchmark Tocom March RSS3 rubber futures settle Y3.2 lower at Y194.4/kg, close to intraday low of Y193.8. (SAM)
Source: Dow Jones