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Dec 3: Tocom Rubber Settles Up; Resistance At Y270/Kg

[Dow Jones] Tocom RSS3 rubber futures settle at fresh 14-month high, breaching crucial resistance at Y260/kg on positive leads from other commodities, particularly gold. “The 33% and 50% technical retracements from Y99.8/kg have already been broken and based on 66% retracement, next level of resistance should be Y270/kg,” says analyst in Japan. Retracements of more than 66% many times indicate end of bull market. Spot gold hit record high of $1,226.30/oz during Asian trading. Benchmark Tocom May rubber contract settles Y5.1 higher at Y260.7/kg after reaching intraday high of Y262.9. Prices have more than doubled after falling to Y99.8/kg in first week of December 2008. (SAM)

Source: Dow Jones

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« Dec 3: Rubber Reaches 14-Month High as Yen Declines, Demand May Grow
Dec 4: Rubber Posts Best Weekly Gain Since October as Output Drops »

This entry was posted on Thursday, December 3rd, 2009 at 7:34 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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