Tokyo rub­ber up 3pc, may rise fur­ther

The Financial Daily - - MARKET SUMMARY -

BANGKOK: Tokyo rub­ber fu­tures rose 3 per cent on Wed­nes­day as funds re­sumed buy­ing, while tech­ni­cal sen­ti­ment im­proved af­ter prices broke above key re­sis­tance of 430 yen.

Fur­ther gains, how­ever, were likely to be lim­ited, deal­ers said.

The bench­mark rub­ber con­tract on the Tokyo Com­mod­ity Ex­change for Septem­ber de­liv­ery rose 12.9 yen, or 3 per cent, to set­tle at 430.1 yen ($5.22) per kg.

The most ac­tive rub­ber con­tract on Shang­hai rub­ber fu­tures for Septem­ber de­liv­ery rose 785 yuan to fin­ish at 35,100 yuan ($5,350) per tonne.

"The mar­ket was over­bought and funds got back and started buy­ing again, but it's sill not clear whether TOCOM could rise fur­ther to test the new re­sis­tance of 440 yen as the mar­ket is very volatile," one dealer said. TOCOM rub­ber was ex­pected to rise fur­ther on Thurs­day af­ter prices fin­ished above 430 yen, the key psy­cho­log­i­cal re­sis­tance, but gains were likely to be capped by profit-tak­ing, deal­ers said. -Reuters

Na­tional Com­mod­ity Ex­change Ltd Trad­ing Sum­mary

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