This entry was posted on Monday, November 7th, 2011 at 4:10 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 3.0% lower, in line with equities, as Greek politicians continue efforts to avoid a disorderly debt default and after U.S. payrolls undershot expectations. “It”s mainly long liquidation on Tocom today; prices are not moving according to fundamentals but technical factors; the technical charts look bad and we can expect more downside,” Tokyo-based Okato Shoji deputy general manager Kaname Gokon says; he adds lower spot USS3 prices Monday are also weighing on futures, tipping key support at Y280/kg. Benchmark April rubber settles Y8.9 lower at Y284.6/kg, off the intraday low of Y283.8/kg–a two-week low.
Source: Dow Jones