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11 July 2012: Tocom Rubber Falls; Y240/Kg Support

Tocom RSS3 rubber futures fall, taking cues from a sharp overnight fall in crude-oil prices on persistent concerns over global economic growth. Growers continue to protest in Surat Thani, seeking higher prices, although their number dwindled overnight, say traders in Thailand. A Bangkok-based trader says there may be further downside for Tocom, with support at Y240/kg. “Many will start short-covering at that level; if Shanghai rubber can stay above CNY24,000/ton, the downside will be limited for Tocom,” he says. Benchmark December rubber trades Y1.7 lower at Y246/kg, off the intraday low of Y244.8/kg.

Source: Dow Jones

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This entry was posted on Wednesday, July 11th, 2012 at 5:59 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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