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Tokyo rubber futures edge up from near 3-week low (July 8)

TOKYO, July 8 (Reuters) – Benchmark Tokyo rubber futuresended up 0.4 percent on Tuesday, recouping early losses as someparticipants bought back the contract as the dollar remainednear a two-week high, dealers said.

The benchmark rubber contract on the Tokyo CommodityExchange (TOCOM) for December delivery rose 0.8 yen tosettle at 204.0 yen ($2.00) per kg, recovering from a nearthree-week low hit earlier in the day.

The dollar eased slightly to 101.82 yen, but remainednot far from a two-week high of 102.27 yen set last Thursday.

“The dollar-yen did not fall that much as expected, soshort-term traders bought back the contract during the day,”said Kaname Gokon, general manager of research at brokerageOkato Shoji in Tokyo.

“On Shanghai futures, meanwhile, participants have beenrolling over positions to the January contract from September,hurting the benchmark contract.”

The most-active rubber contract on the Shanghai futuresexchange for September delivery fell 230 yuan to finishat 14,010 yuan ($2,300) per tonne.

The front-month rubber contract on Singapore’s SICOMexchange for August delivery last traded at 167.50 U.S.cents per kg, up 0.8 cent.

($1 = 101.8200 Japanese Yen)

($1 = 6.2033 Chinese Yuan Renminbi)

(Reporting by Osamu Tsukimori; Editing by Anupama Dwivedi)

– Reuters

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