Tocom rubber futures settle 0.7% higher as the U.S. dollar hit a four-month high against the yen, but rubber market sentiment wasn’t strong enough for prices to breach the Y200/kg resistance.
Although there are reports of falling supply due to farmers’ reluctance to produce in the current depressed market, listed Thai major exporter Sri Trang says in its 2Q results presentation that there has been “no significant reduction in supply at current low natural rubber prices as rubber farmers still need to make their living on regular tapping of rubber.” Benchmark January rubber settles Y1.4 higher at Y199.3/kg, off the intraday high of Y199.9/kg.
Source: Dow Jones
