This entry was posted on Wednesday, August 24th, 2011 at 5:04 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.
Tocom rubber futures settle 1.0% higher after gaining as much as 1.9% intraday on hopes Federal Reserve Chairman Ben Bernanke will announce fresh steps on Friday to stimulate the economy. The strong yen continues to weigh, as expectations wane for measures announced by Japan to stem the yen”s strength. Japanese Finance Minister Yoshihiko Noda had said earlier the finance ministry will set up a $100 billion facility to counter the yen”s rise, aimed at encouraging mergers and acquisitions and helping domestic firms secure energy resources. Tocom may continue consolidating in a wide Y350-Y380/kg band, taking cues from market-moving news of the day, says a trader in Thailand; he adds “Tocom volumes may also go up if gold prices fall as speculators re-enter the rubber markets.” Benchmark January rubber settles Y3.7 higher at Y361.4/kg, off the intraday high of Y364.5/kg.
Source: Dow Jones