This entry was posted on Tuesday, July 15th, 2014 at 7:47 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 1.2% lower after weakness in crude-oil prices reverses earlier gains in the Japanese market. Trade volumes are low, reflecting a lack of interest. Investors are struggling to find fresh cues in a depressed market, where prices have tanked 30% this year. As Tocom rubber breaches psychological support at Y200/kg, the next target is Y190/kg — a “very strong” support that will likely spur bargain hunting and buybacks to cover short positions, a Tokyo-based analyst says. Benchmark December rubber settles Y2.5 lower at Y198.0/kg, after moving in the Y196.2-Y202.3/kg range.
Source: Dow Jones