TOKYO, Oct 5 (Reuters) – Benchmark Tokyo rubber futures climbed for a fourth session on Monday, supported by stronger Nikkei share prices and the yen’s fall, but trade was thin amid a long holiday in top consumer China. The Tokyo Commodity Exchange (TOCOM) rubber contract for March delivery JRUc6 0#2JRU: finished 1.0 yen, or 0.6 percent, higher at 170.9 yen ($1.42) per kg. “The market got a boost from higher stock market in Tokyo and the weaker yen,” said Satoru Yoshida, a commodity analyst at Rakuten Securities.
Japanese stocks rose to more than two-week highs on Monday as chances of an imminent U.S. rate hike appeared to fade after downbeat U.S.jobs data, while signs of progress in trade negotiations between Pacific nations boosted overall sentiment.
The dollar was marginally higher against the yen at 120.05 yen JPY= , after slipping below 119 yen on Friday. FRX/ “But most of investors were sidelined due to holiday in China,” Yoshida said.
Chinese financial markets are closed until Oct.7 for national holidays, reopening on Oct.
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“The rubber market will focus on share prices, the yen and other commodities prices until the end of China’s holiday and stay in a narrow trading range with the bottom end at the September’s low of 162.7 yen,” Yoshida said. The front-month rubber contract on Singapore’s SICOM exchange for November delivery STFc1 last traded at 124.1 U.S. cents per kg, up 0.9 cent. ($1 = 120.1800 yen)
