TOKYO, May 17 (Reuters) – Benchmark Tokyo rubber futures ended slightly higher on Tuesday, snapping a 6 percent drop posted over the past two sessions, as Shanghai futures steadied on the back of firm oil prices. The U.S. dollar strengthened to around 109.47 yen JPY= from 108.95 yen in early morning trade, which also helped support market sentiment. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, touched a two-month low in early Tuesday trade but steadied later as U.S.crude oil hit a seven-month high amid global supply disruptions.
O/R The Tokyo Commodity Exchange rubber contract for October delivery JRUc6 0#2JRU: finished 0.2 yen higher at 172.2 yen per kg. “From last night, Shanghai rubber futures have been little changed, and the recent decline seems to be coming to an end,” said a Tokyo-based broker.
The most-active rubber contract on the Shanghai futures exchange for September delivery SNRcv1 rose 90 yuan to finish at 11,355 yuan per tonne. The front-month rubber contract on Singapore’s SICOM exchange for June delivery STFc1 last traded at 139 U.S. cents per kg, down 0.5 cent.
(Reporting by Osamu Tsukimori; Editing by Anupama Dwivedi)
