This entry was posted on Monday, February 14th, 2011 at 4:37 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.
0649 GMT [Dow Jones] Tocom rubber futures settle 0.9% higher after hitting a fresh record high of Y520/kg. “It”s that time of the year again when production starts to decline, so we may see more upside to Tocom rubber,” says Tokyo-based broker. China January rubber imports fell 14% on-year and 17% on-month as high international prices and week-long Lunar New Year holiday kept players off the market; however, diminishing inventories in the world”s largest rubber consumer and importer may prompt further buying soon, say traders. Even so, record high prices may prompt investors to lock in profits in the next session, says Thailand-based trader. The trader pegs support at Y510/kg, resistance at Y520/kg. The benchmark July rubber contract settles Y4.8 higher at Y518.7/kg.
Source: Dow Jones