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22 Sep 2014: ”Collective Guess” Sends Tocom Rubber Sharply Lower

Tocom rubber futures settle sharply lower after Shanghai rubber hit the 5% daily lower price limit and as the yen strengthened slightly against the dollar. A Bangkok-based trader says the market is primarily speculative and Chinese traders who are driving the market are looking at Tocom hitting Y160/kg. “They don’t need a reason, just a collective guess,” he adds. Rubber market sentiment has been persistently weak this year due to forecasts of a supply surplus amid large stockpiles. Benchmark February rubber settles Y5.7 lower at Y183.5/kg, off the fresh five-year low of Y183/kg.

Source: Dow Jones

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This entry was posted on Tuesday, September 23rd, 2014 at 8:31 am 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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