This entry was posted on Monday, July 9th, 2012 at 7:38 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% lower after falling as much as 3.8% in early trade, tracking Shanghai rubber, which pared losses after midday. Weak U.S. employment data weighs on prices as market participants shrug off China’s June CPI data, which was in line with expectations. Tocom hit its low for the day’s trading in the first 10 minutes and spent most of the rest of the session working its way higher; it tried twice, including in the last 30 minutes, to make a sustained move above key resistance at Y250/kg but failed. “It will be tough for Tocom to break Y250/kg [in coming sessions] as there seems to be no positive factors today,” a Bangkok-based trader says. Benchmark December rubber settles Y6.1 lower at Y249.1/kg, off the intraday low of Y245.5/kg.
Source: Dow Jones