BEIJING (May 16): Benchmark Tokyo rubber futures closed slightly higher on Wednesday, snapping two consecutive sessions of decline.
“Rubber futures prices are relatively stable right now. On one hand, there is pressure from high inventories. On the other hand, prices are already at a low point historically,” said Peng Cheng, a senior analyst with Everbright Futures.
The Tokyo Commodity Exchange rubber contract for October delivery finished 0.4 yen higher at 188.5 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for September delivery fell 10 yuan to finish at 11,455 yuan per tonne.
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The front-month rubber contract on Singapore’s SICOM exchange for June delivery last traded at 138.9 US cents per kg, down 1.4 cents.