Tocom Rubber Lower; Vietnam Pledges Support
16 March 2015, 09:02 SEAST
Tocom RSS3 rubber futures are lower on losses in crude-oil futures and a stronger Japanese yen. Tocom front-month contracts however are supported by tight seasonal supply, as major producing countries enter the wintering season.
The International Rubber Consortium says on its website Monday that Vietnam has given its commitment to cooperate with Thailand, Indonesia and Malaysia.
Vietnam, the world’s third largest producer of natural rubber, will cut production by reducing tapping activities, managing plantings and encourage farmers to switch to other crops to support prices.
Benchmark August rubber trades Y3.0 lower at Y210.3/kg.