DJ Tocom Rubber Settles Lower; Qingdao Stocks Weigh -- Market Talk
Tocom rubber futures settle 0.7% lower, with prices falling below the key Y200/kg level in the last 45 minutes of trade on weak market sentiment and a forecast supply surplus this year. Despite a 9% decline since end-April, Qingdao rubber stocks remain at elevated levels, weighing on Tocom rubber. According to a Singapore-based dealer, China's participation on the international markets has recently been limited as rubber prices ex-Qingdao are lower. "We are also not interested in selling at the prices that China buyers are bidding at because supply is tight with farmers not tapping at these low prices levels," he adds. Benchmark November rubber settles Y1.5 lower at Y199.6/kg, after moving in the narrow Y199-Y202/kg range Monday. (huileng.tan@wsj.com; Twitter: @huileng_tan)
??�: Dow Jones Newswires
