Tocom rubber futures are rebounding and settle higher. Tocom is likely to test Y210/kg on a technical rebound by next week because it is oversold, Tokyo-based Okachi analyst Ryuta Imazeki says.
“Prices are now below production cost,” he says. IRCo is monitoring markets and will stabilize them “if and when necessary,” the three-country group’s Chief Executive Yium Tavarolit says.
Previous benchmark September rubber settles Y2.3 higher at Y203.5/kg. The new benchmark October Tocom rubber contract opened at Y203.2/kg and settled at Y203.6/kg.
– 24 April 2014, 15:30 PM, Dow Jones
