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21 Feb 2012: Tocom Rubber Settles Higher; May Rise To Y350/Kg

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

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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.

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