Tocom rubber futures rally in late trade to settle modestly higher and above the key Y250/kg level; prices are partly supported by hope for stimulus measures in the U.S. and a similar, coordinated move in Europe. However, trade is slow and the upside is limited due to the euro-zone debt crisis and the murky global economic outlook.
“Any rebound may be short-lived. Market confidence is low around the world, so buyers are bidding really low as well,” a trader in Thailand says. Market participants are focused on the U.S. Fed’s policy statement due later in the day. Benchmark November rubber settles Y0.7 higher, a gain of 0.3%, at Y252.2/kg, off the intraday high of Y253.4/kg.
Source: Dow Jones
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