Asian Rubber Futures Settle Little Changed Before U.S. Fed Decision
17 June 2015, 18:02 SEAST
Asian rubber futures Wednesday settled little changed in slow, rangebound trade ahead of the U.S. central bank’s next policy decision.
The market was likely damped this week thanks to macroeconomic uncertainties before the U.S. Federal Open Market Committee meeting set for later in the global day, as well as an outflow of liquidity from emerging countries, said International Rubber Consortium Chief Executive Yium Tavarolit in a note.
Benchmark November natural rubber on the Tokyo Commodity Exchange settled Y0.2 lower at Y229.6/kg ($1.85).
November Tocom rubber closed Y1.6 higher at Y231.2/kg in the night session, which is considered part of the next trading day.
A Singapore-based trader said the market was looking to Shanghai rubber for cues on a clear trend after prices hit resistance around current levels.