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Dec 15: Tocom Rubber Settles Up; Auto Woes May Cap Rally

Tocom rubber futures settle higher; news that International Rubber Consortium members will further cut exports by 700,000 tons in 2009 following October announcement of 215,000-ton cut bolsters sentiment, though longer-term outlook remains uncertain due to gloomy physical demand outlook, trader says. Adds further upside possible in coming days, though market likely to find technical resistance at Y135/kg as participants continue to focus on global auto industry woes, wider economic turmoil. Benchmark May RSS3 contract settles Y8.5 higher at Y114.3/kg. (ANJ)

Source:  Dow Jones Newswires


« Dec 12: Tocom Rubber Settles Dn; Holds Above Key Y100/Kg
Dec 16: TOCOM rubber inches higher, weak demand caps gains »

This entry was posted on Tuesday, December 16th, 2008 at 8:20 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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