This entry was posted on Friday, January 15th, 2010 at 8:27 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 long liquidation, taking lead from weaker crude oil, traders say. “Crude oil below $80/barrel is weighing on natural rubber prices,” says Singapore-based trading executive. Nymex light, sweet crude for February delivery settled 26 cents lower yesterday at $79.39/bbl; trading further 52 cents lower during Globex electronic session at $78.87/bbl. “The rubber market has been overheated this year, and despite strong fundamentals, a correction was warranted,” says Tokyo-based executive; adds investors are taking profits ahead of weekend. Benchmark Tocom June contract settles Y5.7 lower at Y298.1/kg after reaching intraday low of Y297.1. (SAM)
Source: Dow jones