Tocom Rubber Settles Higher; Thailand Stocks Release Unlikely
26 May 2014, 13:52 SEAST
Tocom rubber futures settle 0.8% higher as prices remain locked in a range because of prospects of a large surplus this year even in the low-production season.
It is unlikely Thailand can sell its 200,000 tons of rubber stocks now “as the decision on the release needs to go through the [military junta] for its approval,” IRCo chief executive Yium Tavarolit says in an announcement on the organization’s website.
The civilian government in Thailand had said earlier this month it would be selling the stocks–a move which caused prices to fall.
Benchmark October rubber settles Y1.7 higher at Y206/kg after moving in the Y204.1-Y207.1/kg range.