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Friday, June 2, 2023

Tocom Rubber Falls; May Rebound

Tocom RSS3 rubber futures fall as the yen continues to strengthen, though prices are moving in range after Tuesday’s sharp selloff. However, the downside is limited as comments from Fed Chairman Ben Bernanke in favor of continuing the central bank’s bond-buying programs calmed some nerves. Tocom may rebound during the day on dip-buying, particularly if Shanghai rubber extends gains, says a trader in Thailand.

SHFE is now slightly higher in early trade. IRCo’s chief secretary, Yium Tavarolit, says in a weekly report that prices may rebound if there is an improvement in market confidence, as major producing countries are entering the low-production season. Benchmark August rubber is trading Y2.3 lower at Y287.5/kg, after moving in a Y286.6-Y290.1/kg range.

Source: Down Jones

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