Tocom rubber futures settle flat in slow trade as the market looked for fresh cues. Bearish sentiment persist due to a forecasted supply surplus this year and as the Thai junta sells the country’s large stockpile; the downside however is limited by the weak yen and demand in the spot market as buyers bargain-hunt. “I doubt prices will recover much for the rest of the year.
There is some demand coming back, but buyers all want to buy at low prices that are below market rates,” says a major exporter in Thailand. Benchmark February rubber settles Y0.3 lower at Y199.8/kg, after moving in the Y198.9-Y200.3/kg range.
Source: Dow Jones
