Steady demand leads to Tocom rubber rise

ERJ staff report (LMH)

Bangkok - Tocom RSS3 rubber futures rise, but gains are paring after prices could not breach the Y230/kg resistance, according to a 4 Sept news release from IRCo. (International Rubber Consortium Ltd).

IRCo chief secretary Yium Tavarolit said in a weekly report that IRCo's technical indicators for natural rubber have improved from a week ago and will likely improve this week on stimulus hopes. He added that natural rubber is oversold and that although supply is increasing, there is still steady demand from the tyre and glove industries.

"We expect to see a gradual improvement of natural rubber prices from now till 1Q 2013," Tavarolit said.

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Press release from IrCo