TOKYO, Dec 9 (Reuters) – Benchmark Tokyo rubber futures ended up 2.1 percent on Friday, erasing early losses as Shanghai futures turned higher supported by firm oil prices. Tokyo Commodity Exchange (TOCOM) futures also found support as the dollar rose broadly along with U.S. bond yields, and came within reach of a 10-month high of 114.830 set last week, dealers said. USD/ “It looks as though TOCOM followed Shanghai higher as the yen weakened,” said a Tokyo-based dealer.
Oil prices extended gains on Friday on optimism that non-OPEC producers would agree to cut output following a cartel agreement to limit production, but the upside was limited amid uncertainty over the size of the production curbs. O/R The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: finished 5 yen higher at 245.4 yen ($2.15) per kg, off Thursday’s peak of 246.4 yen, the highest since June 2, 2015. For the week, it rose 6.8 percent, the first gain in two weeks. The most-active rubber contract on the Shanghai Futures Exchange for May delivery SNRcv1 , which was down more than 3 percent earlier, rose 150 yuan to finish at 19,085 yuan ($2,766) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for January delivery STFc1 last traded at 178.30 U.S.cents per kg, up 1 cent.
($1 = 114.3900 yen) ($1 = 6.8997 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Sunil Nair)
