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Dec 16: Tocom Rubber Settles Up; Above 1st Daily Limit

[Dow Jones] Tocom RSS3 rubber futures settle higher, rising by first daily upper limit of Y10/kg on expectations of fresh demand next year from China”s reduction of import tariff effective Jan. 1; prices continued to rise after brief halt in trading. “The general impression is that China was slow in buying for last few weeks and may step up purchases early next year,” says Chiaki Furui, chief executive of Bangkok-based commodities brokerage Agrow Enterprise. There has been aggressive fund buying due to China”s duty cut, says Nick Ng, Tokyo-based broker with Okachi Corp.; adds market is overbought, correction may take place in night session. Benchmark Tocom May contract settles Y10.6 higher at Y263.8/kg after reaching 19-day high of Y264.6. (SAM)

Source: Dow Jones

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« Dec 16: Rubber Gains Most in Four Months as China May Increase Imports
Dec 17: Rubber Advances to Almost 15-Month High as Revival Lifts Demand »

This entry was posted on Wednesday, December 16th, 2009 at 4:34 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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