TOKYO, Nov 2 (Reuters) – Benchmark Tokyo rubber futures fell more than 3 percent to a one-week low on Wednesday as declines in oil and the Tokyo Stock Exchange weighed on prices. O/R .T Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, were also taking their cue from the bearish sentiment that is gripping markets as a fractious U.S.presidential election draws to a close amid signs the race is tightening.
MKTS/WRAP With Japan on holiday on Thursday risk averse investors are stepping back. “Japanese investors are liquidating their holdings before the public holiday tomorrow,” said a Tokyo-based strategist for a rubber trading company.
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: fell 2.8 percent to 178 yen ($1.71)per kg. Earlier in the day, it fell to as low as 176.6 yen, the lowest level since Oct.26.
The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 fell 405 yuan to finish at 13,785 yuan ($2,037.69) per tonne. The front-month rubber contract on Singapore’s SICOM exchange for December delivery STFc1 last traded at $1.46 per kg, down 2.3 cents.
($1 = 6.7650 Chinese yuan)
($1 = 103.8800 yen)
(Reporting by Aaron Sheldrick; Editing by Biju Dwarakanath)
