This entry was posted on Tuesday, February 21st, 2012 at 4:47 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 0.5% higher on news that euro-zone officials sealed a long-awaited deal for Greece’s second bailout package. There is likely more upside than downside due to major producing countries entering low-production season, says a veteran broker in Bangkok; he adds many investors are likely covering their shorts due to the weakening yen and China having eased monetary policy; “my view is that the worst is over and that Tocom may hit Y350/kg in the next few months amid the wintering season,” he says. Benchmark July rubber settles Y1.6 higher at Y328.4/kg, off the intraday high of Y329.2/kg–a fresh five-month high.
Source: Dow Jones