This entry was posted on Monday, June 25th, 2012 at 5:09 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 2.4% higher after gaining as much as 3.7% intraday; Kaname Gokon, deputy general manager at Tokyo-based brokerage Okato Shoji, says gains were due to short covering, but profit-taking set in as Tocom is motivated by macroeconomic factors, so investors started setting up new shorts; he adds any upside is likely limited to Y240/kg; “Tocom will likely retest the Y220/kg support this week as overall conditions are not good for prices,” he says. Benchmark November rubber settles Y5.6 higher at Y237.3/kg, after trading in the Y227.8-Y240.2/kg range.
Source: Dow Jones