Tocom rubber futures settle slightly lower after spending most of the session in positive territory; prices had gained as much as 1.4% intraday before dropping steadily in the last hour of trade on profit-taking. A major exporter in Thailand adds prices may have bottomed out in the short term, although the upside also appears limited unless strong positive macroeconomic cues emerge to boost investor confidence and trading volumes; he adds “nobody dares to hold positions in a weak market like this. Even buyers are not eager to pay above cost prices. We now have a Singapore-based dealer bidding aggressively on the spot market, trying to short cover, but their bids are below my cost.” Benchmark December rubber settles Y0.2 lower at Y235.3/kg after trading in the Y234-Y238.7/kg range.

Source: Dow Jones

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