This entry was posted on Monday, November 21st, 2011 at 4:09 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 3.4% lower due to demand concerns and as ITRC didn’t propose price intervention measures after a two-day meeting Friday and Saturday. Deutsche Bank says in a research note for exporter Sri Trang that the global demand outlook for natural rubber is “deteriorating” and “uncertain.” Still, downside may be limited for Tocom as Thai producers mull measures to shore up the market. The Bangkok Post notes in a report Monday that the Rubber Growers Cooperative Federation of Thailand last week announced that all its 200 cooperatives will suspend commodity auctions for 60 days; this will likely keep supply tight and limit downside, traders say. Most participants peg Tocom’s key support at Y250/kg. Benchmark April rubber settles Y9.4 lower at Y264.1/kg, off an intraday low of Y263.5/kg.
Source: Dow Jones