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Apr 20: Tocom Rubber Settles Higher; May Gain More

[Dow Jones] Tocom rubber futures settle higher as investors scramble to cover short positions in the April spot contract ahead of its expiry Friday, not wanting to be called upon to physically deliver sold contracts given extremely tight supply. April contract hit upper limit at least 11 times in trading day, says Tokyo-based broker; settled Y40, or 10%, higher at all-time high of Y440/kg. All other contracts gained around Y10 or more due to arbitrage between various contracts, says Tokyo-based broker; adds Tocom rubber may continue gaining tomorrow as short covering continues in the spot month; tips support at Y314/kg, resistance at Y332.3/kg for benchmark contract, which settled Y9.6, or 3%, higher at Y322.7/kg, off intraday high of Y325/kg.

Source: Dow Jones

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This entry was posted on Tuesday, April 20th, 2010 at 4:28 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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