This entry was posted on Monday, March 15th, 2010 at 8:21 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 rubber futures settle 2.8% lower after falling through support at Y287/kg. Tocom rubber lower earlier in day, weighed down by crude oil prices below $81/bbl, but fall exacerbated by spillover from Shanghai rubber, which fell more than CNY1,000/ton. More downside ahead, say brokers. “We can see a strong physical market in the chart, which is in backwardation mode, but there”s a lot of downward pressure in the forward months,” says executive with Tokyo-based commodities brokerage. Support at Y276.8, resistance at Y290/kg. Benchmark August rubber contract settles Y8.1 lower at Y281.5/kg.
Source: Dow Jones