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15 Dec 2015

Tocom Rubber Prices in Negative Territory, Pressured by Falling Oil Prices

Tocom Rubber Prices in Negative Territory, Pressured by Falling Oil Prices

U.S. crude futures rose in early trading Tuesday, extending strong gains from Monday that snapped a six-day losing streak, on concerns about a global glut and mild winter demand.


U.S. crude prices fell in early Asian trade, resuming their decline after strong gains on Monday snapped a six-day losing streak, on concerns about a global glut and mild winter demand.


WTI crude futures were trading at $36.26 a barrel at 0024 GMT, down 5 cents from their last settlement. On Monday it rose 1.94 percent to $36.31, after briefly flirting with 11-year lows.


In early trade, the most active rubber contract on the Tokyo Commodity Exchange for May 2016 delivery fell 1.0 yen to 165.2 yen per kg, from 166.2 yen on Monday.


Analysts at Vibiz Research Center forecast that Tocom rubber futures may come under pressure due to the decline in global crude oil prices, with the yen's exchange rate also a key factor.


The contract will likely test support at 160.00 yen and 155.00 yen. Resistance is seen at 170.00 yen and 175.00 yen if prices reverse course.


Freddy/VMN/VBN/Analyst-Vibiz Research Center
Editor: Asido Situmorang
http://vibiznews.com/2015/12/15/harga-karet-tocom-di-zona-negatif-tertekan-turunnya-harga-minyak/


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