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Jun 4: Tocom Rubber Falls; Backwardation To Narrow

[Dow Jones] Tocom RSS3 rubber futures fall, as profit-taking set in after gains yesterday despite weak yen; crude-oil prices up 2.4% overnight, down 0.4% in Asian trading hours but still above $74/bbl. “The nearby contracts have been leading the market recently, but for the last few days, the nearby contracts have been coming down a lot as well,” says Tokyo-based commodities brokerage executive; adds backwardation likely to narrow as supplies increase, eventually to return to contango as downtrend for all prices on Tocom continues; pegs support at Y250.9/kg, resistance at Y270/kg. Spot June contract trading 1.3% or Y4.7 lower at Y360/kg after falling by as much as 2.6%; benchmark Tocom November contract trading 1.4% or Y3.9 lower at Y269.6/kg, off intraday low of Y265.7/kg.

Source: Dow Jones

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This entry was posted on Friday, June 4th, 2010 at 7:56 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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