Tokyo rubber futures rose on Friday, snapping a four-session losing streak, driven by a weaker yen, says a Tokyo- based analyst.
The Tokyo rubber market “saw modest gains today. But the gain was more to do with a technical rebound as there was no new fundamental news,” says Kaname Gokon, an analyst with Okato Shoji brokerage.
He says rubber prices will continue to “remain under pressure” due to excess inventories. “The overall sentiment in the market is “still weak,” Mr. Gokon adds.
The TOCOM futures have been weighed down by oversupply concerns and weakening demand in China, the world’s biggest buyer.
The April rubber contract finished 0.2 yen higher at 155.2 yen per kilogram.
The most active rubber contract on the Shanghai futures exchange for January delivery fell 120 yuan to finish at CNY10,505($1,654) a metric ton.
Asian Rubber Futures
November 06 Change from previous close
Tocom Apr RSS3 Y155.2/Kg Up Y0.2
Shanghai Jan SCR5 CNY10,505/ton Down CNY120
Thai Jun RSS3 THB46.05/Kg Up THB0.05
Sicom Dec RSS3 130.0 US cents/Kg Up 8.6 US cents/Kg
Sicom Apr TSR20 116.4 US cents/Kg Up 0.5 US cents/Kg
Asian Physical Rubber
Grade Shipment Nov 06 Nov 05
RSS3 Dec/Jan Unavailable 122-123
STR20 Dec/Jan Unavailable 123-124
SIR20 Dec/Jan Unavailable 116-117
SMR20 Dec/Jan Unavailable 122-123
SVR3L Dec Unavailable 130
USS Dec THB37.55-THB37.99/Kg THB37.89-THB38.32/Kg
– Vibhuti Agarwal
