Tocom rubber futures settle 2.4% higher after gaining as much as 3.7% intraday; Kaname Gokon, deputy general manager at Tokyo-based brokerage Okato Shoji, says gains were due to short covering, but profit-taking set in as Tocom is motivated by macroeconomic factors, so investors started setting up new shorts; he adds any upside is likely limited to Y240/kg; “Tocom will likely retest the Y220/kg support this week as overall conditions are not good for prices,” he says. Benchmark November rubber settles Y5.6 higher at Y237.3/kg, after trading in the Y227.8-Y240.2/kg range.
Source: Dow Jones
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