TOKYO, Nov 19 (Reuters) – Benchmark Tokyo rubber futures were steady on Thursday as investors were reluctant to take large fresh positions ahead of the expiry of a near-term contract next week and amid lingering concerns over oversupply in Asia. The Tokyo Commodity Exchange (TOCOM) rubber contract for April delivery JRUc6 0#2JRU: finished 0.1 yen higher at 157.6 yen ($1.28) per kg after trading in a narrow range. “The market has been quiet this week as investors have been hesitant to change hands in a big way ahead of the three-day weekend and the November contract’s expiry,” a Tokyo-based dealer who declined to be named said.
The November contract is due to expire next Tuesday.The TOCOM will be closed on Monday due to a national holiday in Japan.
“It looks that there is ceiling at 160 yen.The benchmark is likely to stay in a box range between 155-160 yen until next week,” the dealer said.
The most active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 fell 165 yuan to finish at 10,300 yuan ($1,613.79) per tonne. The front-month rubber contract on Singapore’s SICOM exchange for December delivery STFc1 last traded at 117.3 U.S. cents per kg, down 0.1 cent.
($1 = 6.3825 Chinese yuan renminbi)
($1 = 123.2200 yen)
(Reporting by Yuka Obayashi; editing by Adrian Croft)
