This entry was posted on Monday, January 24th, 2011 at 4:46 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 0.9% higher after hitting a fresh record of Y484.9/kg, as the market continues to be driven by supply concerns. “There”s a lot of buybacks going on as investors–funds and individuals–cover their short positions,” says a Tokyo-based commodities brokerage analyst; he adds that recent dips were caused by individual investors taking profits and that Tocom rubber is likely to see more upside, with any downside “extremely limited”; he pegs first support at Y473/kg. The benchmark June rubber contract settles Y4.5 higher at Y482.1/kg.
Source: Dow Jones