This entry was posted on Tuesday, September 27th, 2011 at 8:16 am 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 11.5% lower after falling as much as 11.7% to a one-year low as last weekend”s meetings of the world”s finance ministers did little to ease concerns over the European sovereign debt crisis. “It”s panic selling, long liquidation; all the markets are down today,” Tokyo-based deputy general manager at commodity brokerage Okato Shoji Co. Kaname Gokon says; there may be more downside ahead for Tocom rubber if the euro-zone debt crisis deepens, with Tocom possibly breaking the key Y300/kg support this week, he says. “I doubt there”ll be any short covering coming up; investors will probably take new short positions,” he says. Benchmark February rubber settles Y39.5 lower at Y303/kg, off the intraday low of Y302.5/kg.
Source: Dow Jones