Tocom rubber futures settle higher tracking gains in Shanghai rubber and as a weak yen is supportive, although prices are well under the psychological Y200/kg level and near five-year lows on persistent weak sentiment amid forecasts of a supply surplus this year.
Many traders are still bearish, as there are little signs of improving demand appetite even in the depressed market; “trade is very slow compared to this time in the last few years,” says a trader in Singapore. Benchmark March rubber settles Y4.5 higher at Y185.4/kg.
Source: Dow Jones
