This entry was posted on Monday, April 11th, 2011 at 3:49 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 pare gains after rising as much as 3.9% in early trade; “as prices could not breach the key Y480-a-kilogram resistance convincingly, there was a technical correction,” says a trader in south Thailand; “profit-taking is also setting in ahead of the Songkran holidays in Thailand as traders do not want to carry their positions over the break.” He adds an early fall in Thai rubber futures is also weighing; Thailand is the world”s largest rubber producer and exporter. The official Songkran festival holidays are from Wednesday to Friday, but some factories and farmers are already on holiday. Benchmark Tocom September RSS3 rubber is Y7.1 higher at Y470.9/kg, off an intraday high of Y481.9/kg; November Thai AFET rubber is THB1.4 lower at THB172.1/kg.
Source: Dow Jones