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Feb 2: Tocom Rubber Futures Ends Up; Y475 Resistance

[Dow Jones] Tocom RSS3 rubber futures settle higher as investors set up long positions in anticipation of strong demand after the Lunar New Year holidays. Rising U.S. auto sales and higher Brent crude oil prices are also supportive. Demand for tires is strong and those dealers who have sold in advance to tire makers need to cover their requirements, says an executive at a Singapore-based commodities brokerage. U.S. auto sales rose 17% on year in January. Benchmark Tocom July rubber futures settle Y4.6 higher at Y472.2/kg. Most traders put immediate resistance at Y475/kg.

Source: Dow Jones

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« Feb 1: Tocom Rubber Ends Higher On Speculative Buying
Feb 7: Tocom Rubber Ends Lower; Support At Y490/Kg »

This entry was posted on Wednesday, February 2nd, 2011 at 10:09 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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