This entry was posted on Thursday, September 22nd, 2011 at 6:59 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 3.1% lower after hitting a six-month low of Y340/kg, due to demand fears following the U.S. Federal Reserve”s statement that there are “significant downside risks to the economic outlook.” Investors are also underwhelmed by the Fed”s plan to stimulate the economy by increasing its holdings of longer-term debt. Tocom will be closed for a public holiday Friday and will likely take external cues Monday, with support at Y335/kg. “It”s oversold and should rebound, but the market is also sentiment-driven,” a Bangkok-based trader says. Benchmark February rubber settles Y10.8 lower at Y342.5/kg, off the intraday low of Y340/kg.
Source: Dow Jones