Tocom rubber futures settle 0.9% lower and are likely to continue their lackluster performance for the rest of the week due to an overall weak market, Tokyo-based Okachi analyst Ryuta Imazeki says.
The market is driven “totally” by technical factors, he says, with support at the psychologically significant Y200/kg level. Fundamentals do not bode well either, as production is increasing in major producing regions due to seasonal factors, he says. Benchmark December natural rubber settles Y1.9 lower at Y202.1/kg, after moving in the Y200.7-Y204.0/kg range.
Source: Dow Jones