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May 9: Tocom Rubber Settles Higher; Y380/Kg Resistance

[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

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« May 6: BENCHMARK TOCOM RUBBER SEEN AT 400 YEN/KG END-MAY VS ACTUAL CLOSING 389.1 YEN/KG END-APRIL – REUTERS POLL
May 11: Tocom Rubber Settles Up; Tightening Fears Cap Gains »

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.

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