Tocom rubber futures settle 1.3% lower in slow trade ahead of Easter when several markets in Southeast Asia will be closed Friday. This current level “is actually comfortable for players as we can see very strong resistance at Y220/kg and support at the Y210/kg level,” Okachi & Co. Tokyo-based analyst Ryuta Imazeki says.
High stocks in Qingdao continue to put pressure on the market because it appears there isn’t enough real demand to digest the inventories, he says. “Recent growth in import volumes appear to be supported by financing activities not consumption,” he adds. Benchmark September rubber settles Y2.9 lower at Y214.9/kg after moving in the Y214.5-Y219.4/kg range.
Source: Dow Jones
