Tocom rubber futures settle 2.4% lower after losing as much as 3.2% in early trade. A trader inThailand says the time is ripe for profit-taking, as Tocom prices are up 25% from mid-August, when the ITRC countries announced a collective export cut.
“There may also be some new shorts set up on demand concerns and as Tocom prices are higher than those on the spot market,” he says, adding that prices are likely to extend their decline to test key support at Y250/kg this week. Benchmark March rubber settles Y6.4 lower at Y258.1/kg, off the intraday low of Y256/kg.
Dow Jones
