Tocom rubber futures settle 2.8% higher after gaining as much as 3.1% to a seven-month high due to the weak yen and as the Chinese government will be granting preferential tariff rates for a range of imports, including some grades of natural rubber, say traders.
A trade participant in Bangkok says Tocom may succumb to some profit-taking after two straight days of strong gains, but the downside may be limited on bullish sentiment; “we may see price heading to Y300/kg this week,” he added. Benchmark May rubber settles Y7.8 higher at Y284.2/kg, off the intraday high of Y285/kg.
Source: Dow Jones
