TOKYO, Dec 7 (Reuters) – Benchmark Tokyo rubber futures ended up 1 percent, after hitting a one-week high on Wednesday, as a weaker yen and firm Shanghai futures provided support. Tokyo Commodity Exchange (TOCOM) and Shanghai futures have been moving in tandem, and the market is likely to continue its upward momentum, said a Tokyo-based dealer.
The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: finished 2.4 yen higher at 242.8 yen ($2.12) per kg, after hitting 243.9 yen, the highest since a 1-1/2 year high of 245.6 yen hit on Nov.29.
The dollar was slightly stronger at around 114.24 yen, compared with around 113.79 yen on Tuesday afternoon. USD/ The rubber market in Asia has been supported by significant falls in the Japanese yen and Chinese yuan against the dollar recently, which makes yen and yuan-denominated commodities cheaper for holders of other currencies.
The most-active rubber contract on the Shanghai Futures Exchange for May delivery SNRcv1 rose 390 yuan to finish at 19,030 yuan ($2,762) per tonne. The front-month rubber contract on Singapore’s SICOM exchange for January delivery STFc1 last traded at 174.40 U.S. cents per kg, up 1.9 cent.
($1 = 114.3000 yen) ($1 = 6.8893 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Sunil Nair)
