This entry was posted on Monday, May 9th, 2011 at 4:27 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 1.8% higher as investors rush to cover their short positions after a sharp selloff last Friday amid a broad-based commodities slump. Tocom trade volumes were low Monday as jittery investors awaited clearer cues. Traders in Thailand say Tocom has been oversold and may see further gains; one trader in Yala says Tocom”s next resistance is Y380/kg. While Tocom is weighed by the strong yen and as Thailand exits low-output season, traders say production is still slow, as southern Thailand is experiencing rains, which disrupt tapping. The benchmark October rubber contract settles Y6.5 higher at Y367.6/kg, off the intraday high of Y371.4/kg.
Source: Dow Jones