This entry was posted on Thursday, August 19th, 2010 at 6:58 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 1.5% higher after prices hit fresh three-and-a-half-month high of Y294.3/kg; support from crude”s gains, weaker yen late in Tocom trading day; SHFE rubber up and fundamentals also supportive. Overall strong yen caps Tocom gains, but eyes on yen as speculation that action to curb currency”s rise may come soon. Buyers in China who have been holding out in anticipation of lower prices have little option but to buy as production slows in major producing countries due to fasting month of Ramadan, traders say; Indonesia, China also heading into long stretches of holidays next month. Most traders peg resistance at Y300/kg. Benchmark January rubber contract settles Y4.4 or 1.5% higher at Y293.8/kg.
Source: Dow Jones