TOKYO, Jan 5 (Reuters) – Benchmark Tokyo rubber futures ended slightly down on Thursday as gains from overnight oil prices were offset by a stronger yen and sluggish Shanghai futures. Shanghai futures fell as yuan rose against the dollar as China worked to stem capital flows and to stabilise the currency ahead of U.S.President-elect Donald Trump’s inauguration and the Chinese New Year later this month.
TOCOM came under pressure from a strong yen and weak Shanghai futures, said a Tokyo-based dealer. The dollar stepped further away from a 14-year peak against a basket of major currencies on Thursday as market players were spooked by sharp falls in the dollar against the Chinese yuan.
USD/ The Tokyo Commodity Exchange rubber contract for June delivery JRUc6 0#2JRU: closed down 0.3 yen at 273.1 yen ($2.36) per kg. However, in the night session, it hit 278.2 yen, the highest since Dec.19.
The most-active rubber contract on the Shanghai futures exchange for May delivery SNRcv1 fell 190 yuan to finish at 18,075 yuan ($2,630) per tonne. The front-month rubber contract on Singapore’s SICOM exchange for February delivery STFc1 last traded at 196.5 U.S.cents per kg, down 5 cents.
($1 = 6.8735 Chinese yuan)
($1 = 115.6800 yen)
(Reporting by Osamu Tsukimori; Editing by Sherry Jacob-Phillips)
