[Dow Jones] Tocom rubber futures settle slightly higher on strong supply-demand fundamentals, spillover effect from Shanghai rubber futures, short covering. Tocom rubber opened lower due to data overnight showing fall in U.S. consumer confidence to 10-month low, weaker crude below $80/bbl, downward pressure from other commodities, firmer yen. But Tocom broke Y300 mark when Shanghai rubber futures climbed above CNY25,000/ton. “Physical prices continue to hold strong in Thailand, propping up prices in the futures market,” Tokyo-based commodities brokerage executive says; adds some short covering took place in late trade. Tocom rubber futures expected to hold firm tomorrow on strong fundamentals, but may have knee-jerk effect from U.S. Fed chairman Ben Bernake”s comments on U.S. durable goods and gross domestic product data if delivered. Benchmark Tocom August contract settles up Y0.7 at Y301.5. (HLN)

Source: Dow Jones

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