Tokyo Commodity Exchange (TOCOM) futures climbed on Tuesday, nearing an about 1-month high hit late last week, tracking a recovery in Shanghai futures, although fears of a further escalation in Sino-US trade spats capped gains. The benchmark TOCOM rubber contract for October delivery finished 3.8 yen, or 2.0%, higher at 194.3 yen ($1.76) per kg.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 210 yuan to finish at 12,375 yuan ($1,791) per tonne. TOCOM’s technically specified rubber (TSR) 20 futures contract for November delivery closed up 0.9% at 164.1 yen per kg. The front-month rubber contract on Singapore’s SICOM exchange for June delivery last traded at 151.7 US cents per kg, up 1.2%. “Stronger Shanghai market, which was helped by a rally in local stock prices, lent support to the TOCOM,” said Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co.