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Mar 22: Tocom Rubber Up, May Gain More; Y450 Resistance

[Dow Jones] Tocom rubber futures settle higher after gaining as much as 6.3% intraday; although the Thai government Monday put on hold further measures to boost prices due to a strong rebound, a Thailand-based trader says the prospect it may intervene further in the event of another sharp fall will support prices. Major producing countries are also in the low-output season and cash prices are strong, likely allowing more upside, another trader says. Bangkok-based DS Futures analyst Chaiwat Muenmee pegs key resistance at Y450/kg. Benchmark August RSS3 rubber settles Y25.3 or 6.2% higher at Y433.9/kg, off an intraday high of Y434.5/kg.

Source: Dow Jones

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« Mar 21: Thai USS3 Rubber Prices Up Sharply; Arrivals Low
Mar 23: Tocom Rubber Falls In Profit-Taking; May Rebound »

This entry was posted on Tuesday, March 22nd, 2011 at 4:53 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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