This entry was posted on Monday, February 13th, 2012 at 4:18 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.
TOKYO, Feb 13 (Reuters) – Key TOCOM rubber futures
edged higher on Monday but gains were capped as many investors
stood aside and looked for fresh market moving factors, while
firm support came from concerns about falling supply.
The key Tokyo Commodity Exchange rubber contract for July
delivery <0#2JRU:> settled up 1.5 yen at 316.6 yen per kg after
moving in a narrow range of 313.4-317.5 yen.
“The market is locked in a narrow range. It will take a
while for the benchmark contract to rise above current
resistance, seen at around 330 yen,” said Naoki Asami, chief
broker at trading house Kanetsu.
Rubber supply in Thailand and Malaysia, the biggest and
third-biggest producers respectively, is falling due to the
wintering-dry season that cuts latex supply. The dry season
normally last for a few months and ends by mid-April.
Source: Reuters