TOCOM rubber hits 1-month high on rising oil prices, weak yen

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TOKYO (Oct 2): marked a third straight day of gains and hit a one-month high on Tuesday, helped by firm prices hitting multiple-year highs.

Tokyo Commodity Exchange (TOCOM) , which set the tone for in Southeast Asia, also got support from a weaker yen, which hit an 11-month low against the dollar.

“Oil combined with a weak yen supported the prices,” said a Japanese trade source.

The Tokyo Commodity Exchange rubber contract for March delivery finished 0.9 yen higher at 172.4 yen (US$1.52) per kg after touching 174.2 yen earlier, the highest since Sept 3.

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China’s are closed this week for the National Day holiday.

The front-month rubber contract on Singapore’s SICOM exchange for November delivery last traded at 134.1 US cents per kg, up 0.4 cent.

(US$1 = 113.7100 yen)

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