TOKYO, Nov 11 (Reuters) – Benchmark Tokyo rubber futures hit their highest level since late July 2015 on Friday on a weaker yen, and rose 15.6 percent for the week, their biggest since May 2013. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have gained in four of the five sessions this week on a weaker yen against the dollar, while Shanghai counterparts also hit their highest intraday level since June 2015.
The Tokyo Commodity Exchange rubber contract for April delivery JRUc6 0#2JRU: closed 6.9 yen higher at 205.5 yen ($1.93) per kg after touching 207.7 yen, the highest since July 30, 2015. “The market sentiment has clearly changed, as TOCOM and Shanghai are buoyed by weak yen and yuan,” said a Tokyo-based dealer.
The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 rose 855 yuan to finish at 16,390 yuan ($2,405) per tonne, after hitting 16,465 yuan, the highest since June 12, 2015. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.1 percent from last Friday, the exchange said. The front-month rubber contract on Singapore’s SICOM exchange for December delivery STFc1 last traded at 170.20 U.S.cents per kg, up 3 cents.
($1 = 6.8146 Chinese yuan) ($1 = 106.6900 yen)
(Reporting by Osamu Tsukimori; Editing by Subhranshu Sahu)
