Tocom Rubber Lower; Rangebound Trade To Continue, Says IRCo � Dow Jones
22 July 2014, 09:12 SEAST
Tocom RSS3 rubber futures are lower in rangebound trade with prices finding support at the Y200/kg level.
International Rubber Consortium chief executive Yium Tavarolit says he expects natural rubber prices to move in a narrow range this week as market fundamentals and sentiment remains unchanged.
The Economist Intelligence Unit says in a report last week that rubber consumption is likely to rise 3.9% this year, although the demand growth will not be enough to eliminate a “substantial market surplus”, weighing on prices.
Benchmark December rubber trades Y1.7 lower at Y200.5/kg, after moving in the Y199.7-Y203.2/kg range.