Tocom rubber futures settle 1.7% lower in a day of profit-taking after four straight days of gains; overall negative market over the U.S. fiscal cliff weighs. Tocom may continue to see further losses Friday ahead of the weekend and year-end holidays, say traders.
Bangkok-based DS Futures analyst Chaiwat Muenmee says Tocom is likely to continue falling with key support at Y275/kg before staging a rebound, which may come as soon as next week due to supply-demand fundamentals. Benchmark May rubber settles Y4.9 lower at Y282.8/kg, off the intraday low of Y281.7/kg.
Source: Dow Jones
