Tocom rubber down on profit-taking

ERJ staff report (LMH)

Bangkok -- Tocom RSS3 rubber futures fall as profit-taking sets in after strong gains Monday, according to the International Rubber Consortium (IRCo.). However losses are so far limited, with prices moving in a tight range, as sentiment is cautious ahead of the US Federal Reserve's two-day policy meeting.

IRCo reported a Bangkok-based trader as saying many investors are still hanging on to their short positions, awaiting further cues before they take action. IRCo chief secretary Yium Tavarolit said in a weekly report that technical signals for natural rubber have improved, with market players starting to hold longs in rubber futures.

Benchmark February rubber trades Y0.5 lower at Y235.8/kg, after moving in a tight Y235.1/kg-Y236.9/kg range in the day session.

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Press release from IRCo