Tocom Rubber Settles Up; Thai Farmers Move To Halt Govt Sales
19 May 2014, 13:50 SEAST
Tocom rubber futures settle 3.3% higher with prices getting a boost from strong gains in Shanghai rubber, which sent Tocom up to breach the previous Y205/kg resistance.
IRCo chief executive Yium Tavarolit says on the organization’s website Monday that Thai rubber farmers have filed a legal suit to halt government sales of 200,00 tons of natural rubber stockpiles.
“The release of the…stockpiles seems unlikely at this junction as the caretaker government does not have the authority to approve the decision,” adds Mr. Yium.
Rubber supply is also likely to slow as farmers down tools to join a large demonstration in Bangkok this week, he adds.
Benchmark October rubber settles Y6.5 higher at Y206.5/kg, off the intraday high of Y208.4/kg.