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Tokyo rubber futures end up 1.9 pct, tracking Shanghai (April 8)

TOKYO, April 8 (Reuters) – Benchmark Tokyo rubber futuresended up 1.9 percent on Tuesday, helped by a rise in Shanghaifutures as Chinese market players returned from a holiday.

The benchmark rubber contract on the Tokyo CommodityExchange (TOCOM) for September delivery rose 4.2 yen tosettle at 225.4 yen ($2.19) per kg.

The contract jumped as high as 2.2 percent to 226 yen, thehighest since April 3.

“Southeast Asian players are very limited as many Thaiplayers look to be still on holiday, and today’s dealings aremostly related to position adjustments of some funds,” said aTokyo-based broker.

The most-active rubber contract on the Shanghai futuresexchange for September delivery rose 280 yuan to finishat 15,745 yuan ($2,500) per tonne.

Japanese shares fell 1.4 percent to two-week lows on Tuesdayas Takeda Pharmaceutical Co tumbled after a U.S. juryordered it to pay $6 billion over claims it concealed risksassociated with its Actos diabetes drug.

The dollar slipped against the yen on Tuesday, struggling togain traction after the Bank of Japan held off from additionaleasing as expected.

Germany’s Continental has a goal of more than doubling salesat its rubber and plastics unit Contitech to over 11 billioneuros ($15.1 billion) within the next decade, the Handelsblattnewspaper reported, citing the division’s chief.

The front-month rubber contract on Singapore’s SICOMexchange for May delivery last traded at 182.30 U.S.cents per kg, up 0.6 cents.

($1 = 103.1250 Japanese Yen)($1 = 6.2123 Chinese Yuan)

(Reporting by Osamu Tsukimori; Editing by Anand Basu)

Source: Reuters

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