Tocom Rubber Settles Slightly Higher; Further Gains Expected
22 April 2014, 13:48 SEAST
Benchmark Tocom RSS3 rubber futures settle slightly higher above the key Y200/kg level as investors take respite from two straight days of selloffs to reassess their positions.
IRCo chief executive Yium Tavarolit says in his weekly report that he expects a technical rebound on Tocom due to rubber futures being oversold.
A Bangkok-based trader at a major exporter says any gains are likely to be short-lived due to overwhelming bearish sentiments on the market.
Benchmark September rubber settles Y0.2 higher at Y201.6/kg, off the intraday high of Y202.2/kg and off the four-and-a-half year low of Y196.7/kg.