This entry was posted on Wednesday, April 18th, 2012 at 8:26 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% higher due to eased concerns about global economic growth, which also sent the yen down amid possible additional easing steps by the Bank of Japan next week. Tocom got a further boost after prices pushed through Y310/kg resistance. “Tocom was oversold and the correction is overdue, but Tocom prices are still below the fair level,” says a trader in Bangkok; he adds prices in the physical market now suggest Tocom should be around Y320-Y330/kg instead. Benchmark September rubber settles Y9.2 higher at Y311.9/kg after gaining as much as 3.2% to hit an intraday high of Y312.3/kg.
Source: Dow Jones