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Jul 9: Tocom Rubber Settles Lower; Range Trade Ahead

[Dow Jones] Tocom rubber futures settle 1.2% lower despite crude”s gains on Globex, as investors take profit, liquidate positions ahead of weekend after three days of gains. “Investors are selling the November, December contracts to cover their short positions in the July and August contracts as nearby physical rubber is still tight,” says Tokyo-based broker; notes Tocom still in backwardation, funds holding onto net short positions; tips sideways movement for Tocom next week, Y270/kg-Y290/kg range. Benchmark December rubber contract settles Y3.3 lower at Y273/kg, near intraday low Y272.8/kg.

Source: Dow Jones

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« Jul 8: Tocom Rubber Settles Up; Crude, Yen Support
Jul 13: Tocom Rubber Settles Down; Outlook Poor »

This entry was posted on Friday, July 9th, 2010 at 8:20 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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