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Monday, October 25, 2021

Tokyo rubber futures end higher, but upside still capped (June 17)

BANGKOK, June 17 (Reuters) – The benchmark TOCOM rubbercontract ended higher on Tuesday on the back of firmness in oiland share prices, but profit-taking still capped the rises,dealers said.

The Tokyo Commodity Exchange rubber contract for Novemberdelivery rose 1.7 yen to settle at 201.0 yen ($1.97) perkg.

“TOCOM got support from rising oil and share prices, butupside was still limited by profit-taking,” said a Bangkok-baseddealer.

Japan’s benchmark Nikkei average closed up 0.29percent at 14,975.97 on Tuesday.

Brent crude futures held near $113 per barrel on Tuesday asconcerns over oil supply persisted, with the United Statesconsidering air strikes in Iraq amid a worsening securitysituation in the key oil producing country.

However, dealers said TOCOM sentiment improved after pricesfinished above a major support level of 200 yen.

The most-active rubber contract on the Shanghai futuresexchange for September delivery fell 20 yuan to finishat 14,315 yuan ($2,300) per tonne.

The front-month rubber contract on Singapore’s SICOMexchange for July delivery was last traded at 168.0 U.S.cents per kg, up 0.2 cent. ($1 = 102.0500 Japanese Yen) ($1 = 6.2090 Chinese Yuan Renminbi) (Reporting by Apornrath Phoonphongphiphat; Editing by GopakumarWarrier)

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