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Dec 11: Tocom Rubber Settles Higher; Resistance At Y250

[Dow Jones] Tocom RSS3 rubber futures settle higher as investors set up new long positions amid spillover support from crude oil, gold. “Prices fell almost 8% this week, leading to the perception among traders that they may have bottomed out,” says analyst in Singapore. Most traders put immediate resistance at Y250/kg. Prices fell this week because funds which had rolled over their positions at higher prices cut their losses, says executive at Tokyo-based Okachi Corp.; adds prices recovered as selling pressure from funds has now eased. Benchmark Tocom May contract settles Y3.2 higher at Y247/kg, close to intraday high of Y247.5. (SAM)

Source: Dow Jones

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« Dec 11: Rubber Climbs as Weak Yen Boosts Appeal, China’s Output Gains
Dec 11: RUBBER-Tokyo futures higher on weak yen, steadier oil »

This entry was posted on Friday, December 11th, 2009 at 8:21 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.

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