TOKYO, Nov 11 (Reuters) – Benchmark Tokyo rubber futures settled up 0.7 percent on Monday as a weaker yen and gains in Asian equity markets pushed the contract for the soft commodity higher.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for April delivery rose 1.7 yen to settle at 258.6 yen ($2.61) per kg.
The contract jumped as high as 262.2 yen, or 2.1 percent, to an intraday high of 262.2 yen, the highest since Tuesday, but still down from a 3-1/2-month high around 290 yen in September.
The U.S. dollar was quoted close to a seven-week high of 99.41 yen reached last Thursday, as a surprise surge in U.S. jobs growth on Friday signalled the world’s largest economy was on a firmer footing. Japan’s Nikkei share average jumped 1.3 percent on Monday, rebounding from a one-month low.
Benchmark TOCOM futures could trade in a range of 250 to 276 yen a kg, with some dealers setting their eyes on top consumer China, where leaders started a four-day special meeting on Saturday to set the reform agenda for the next decade.
“We may expect some announcement from China when the leaders meeting is over this week. If positive news comes out, then the market will move up,” said a dealer in Tokyo.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 165 yuan to finish at 19,410 yuan ($3,200) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for December delivery last traded at 231.00 U.S. cents per kg, up 0.3 cents. ($1 = 99.0800 Japanese yen) ($1 = 6.0905 Chinese yuan) (Reporting by Osamu Tsukimori and Lewa Pardomuan in Singapore; Editing by Anand Basu)