Tocom rubber falls on yen, weaker China manufacturing data
ERJ staff report (LMH)
Bangkok – Tocom RSS3 rubber futures fell because of a stronger yen and as China's official manufacturing Purchasing Managers Index fell to 50.6 in April from 50.9 in March, according to the China Federation of Logistics and Purchasing.
IRCo (International Rubber Consortium) chief secretary Yium Tavarolit said in a 1 May statement that technical signals for rubber are still improving, even though they are still in the negative territory. However, unpredictable macroeconomic conditions mean rubber prices will still be influenced by market sentiment instead of fundamentals, he added.
Benchmark October rubber is trading Y3.4 lower at Y259.2/kg, after moving in a tight Y258.1-261.7/kg range earlier in the session.
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News Release from IRCo