DJ Tocom Rubber Settles Higher; Y220/Kg Resistance -- Market Talk
Tocom rubber futures settle 2.6% higher as preliminary data on China's manufacturing sector point to an expansion in the country's factory activity for the first time in six months. With stocks at Qingdao falling recently, traders are also positive on a recovery in China's demand for the industrial commodity. "There is a lot of talk about excess supply this year, but we are experiencing tight arrivals as prices are just too low to incentivise farmers to tap. If prices stage a sustained rebound this time, with supply still tight, it would be interesting," says a Singapore-based trader. A Bangkok-based trader tips resistance at Y220/kg. Benchmark November rubber settles Y5.6 higher at Y218.3/kg, off the nine-week high of Y219.5/kg. (huileng.tan@wsj.com; Twitter: @huileng_tan)
??�: Dow Jones Newswires
