DJ Tocom Rubber Settles Flat; Outlook Bearish -Phillips Futures Tocom rubber futures settle flat after hitting a 17-month low as China's official purchasing managers index falls to 50.5 in January vs. 51 in December, data over the weekend showed--stoking demand fears for the commodity. Singapore-based brokerage Phillip Futures says the outlook for rubber is bearish both fundamentally and technically. "Other than China, we can expect weakness from emerging markets to spill over to the rubber market as well," it says. With the U.S. Federal Reserve's decision to further reduce its bond buying, turmoil among emerging markets is likely to continue and weigh on market sentiment. "Furthermore, the abundant supplies of rubber will keep rubber prices in check," says the brokerage, which is tipping support at Y205/kg. Benchmark July rubber settles Y0.4 lower at Y226.9/kg, off the intraday low of Y223.1/kg. (
huileng.tan@dowjones.com)
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