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Feb 22: Tocom Rubber Settles At 1-Month High; Upside Likely

[Dow Jones] Tocom RSS rubber futures settle at one-month high, tracking Shanghai rubber futures; buyers set up long positions, sellers covered. Shanghai rubber futures up more than more than 4% after weeklong holiday closure. Higher crude, gold, stock markets provide support for Tocom rubber, traders say. U.S. Fed”s decision to raise discount rate being seen in positive light, contrasting with earlier concerns about monetary tightening, making for optimism across asset classes. Nymex light, sweet crude for March delivery trading 20 cents higher at $80.01/bbl on Globex after 1% overnight rise. Spot gold trading $7.30 higher at $1124.40/oz. More upside expected for Tocom rubber after close above key Y300 support, traders say. Analyst puts technical resistance at Y306. Benchmark Tocom July contract settles Y7.9 higher at Y302.5/kg, near intraday high of Y302.7/kg. (HLN)

Source: Dow Jones

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« Feb 22: Thai USS3 Rubber Exceeds THB100/Kg; Wintering Season
Feb 23: Rubber Declines From One-Month High as Crude Drops, Yen Weakens »

This entry was posted on Monday, February 22nd, 2010 at 3:26 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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