This entry was posted on Wednesday, February 22nd, 2012 at 5:23 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 2.8% higher after hitting a fresh five-month high of Y337.8/kg on strong crude-oil prices and as the yen continues to weaken. Support comes from major producing countries entering low-production season, and Tocom may gain further to test Y340/kg this week as the yen continues to weaken, says Kaname Gokon, deputy general manager at Tokyo-based Okato Shoji Co.; he adds that investors are setting up new longs on Tocom, though some profit-taking is expected after strong gains Wednesday. Benchmark July Tocom rubber settles Y9.2 higher at Y337.6/kg.
Source: Dow Jones