Tocom rubber futures settle slightly lower in a day of range trade with prices failing to breach the Y200/kg psychological level.
A lack of fresh driving factors is weighing on Tocom amid a forecasted supply surplus this year and there is little upside in sight even if the Thai government aims to cut output by hastening replanting; “that’s a long-term measure and wouldn’t help prices in the immediate term,” says an analyst in Tokyo.
Benchmark January rubber settles Y0.7 lower at Y197.4/kg, after moving in the Y196.2-Y199.9/kg range.
Source: Dow Jones
