BANGKOK: Tokyo rubber futures ended higher on Thursday as bright economic data encouraged speculative buying after recent falls, but weaker oil prices capped the upside, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery rose 2.7 yen to settle at 257.9 yen (US$2.61) per kg.
“Players took speculative buying positions after recent falls, but TOCOM prices were still trapped in a narrow range as falling oil prevented prices from rising substantially,” said a Tokyo-based trader.
Output growth across emerging markets picked up in October, posting the fastest rise in seven months, while business expectations also rose from the previous month’s near-record lows, a survey showed.
Brent crude slipped below US$105 a barrel to its lowest since early July as investors were reluctant to lock in fresh positions ahead of key announcements due later in the day from Europe and the United States.
The most-active rubber contract on the Shanghai futures exchange for January delivery was up 100 yuan to finish at 19,110 yuan (US$3,100) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange was last traded at 228.5 US cents per kg, up 1 cent.– Reuters