Tocom rubber futures settle 0.5% higher due to traders’ expectations that the Thai government will start purchasing the commodity from the market soon; traders in Thailand say a meeting was held this week to discuss details of the government’s price-intervention plan, and implementation could begin the week starting Feb. 13. A trader in south Thailand pegs resistance at Y325.8/kg. Benchmark July rubber settles Y1.7 higher at Y316.6/kg, off the intraday high of Y319.7/kg.

Source: Dow Jones

Tocom rubber futures settle 1.5% higher in line with gains in Shanghai rubber futures and Asian equities. Traders continue to watch the Chinese market after last week’s Lunar New Year public holiday. A major exporter in Thailand says trading activities will likely return to normal only next week after the traditional 15 days of festivities are over; he says “many [Chinese buyers] are keen to bid, but their minds are still in holiday mode and have not caught up with the price gains in the last few weeks–their bids are just far too low.” Benchmark July rubber settles Y4.6 higher at Y314.9/kg, near the intraday high of Y315.3/kg.

Source: Dow Jones