DJ Tocom Rubber Settles Lower but May Rebound Soon -- Market Talk
Tocom rubber futures settle 0.7% lower after moving in a tight range due to the lack of fresh cues. Both buyers and sellers are hesitant to take new positions, says Gu Jiong, a Tokyo-based analyst at Yutaka Shoji; "but I think the mood is now more positive, as downside factors remain the same with large stocks weighing on prices, but we may see production from Thailand being hit in the next few months due to a possible El Nino weather phenomenon." Mr. Gu tips resistance at Y208/kg and says prices may stage a sustained rebound in a week or two. Benchmark November rubber settles Y1.5 lower at Y204.6/kg, after moving in the Y204.3-Y207.0/kg range. (huileng.tan@wsj.com; Twitter: @huileng
??�: Dow Jones Newswires
