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Tokyo futures drop, tracking weaker Shanghai market (Sept 29)

TOKYO: Benchmark Tokyo rubber futures fell 1.5 percent in light trading on Monday following a fall in Shanghai futures ahead of the week-long National Day holiday in China.

The Tokyo Commodity Exchange (TOCOM) rubber contract for March delivery lost 2.7 yen to settle at 182.7 yen ($1.6673) per kg.

“There was no fresh news, but TOCOM prices were dragged down by a slide in Shanghai futures,” said Toshitaka Tazawa, an analyst at Fujitomi Co.

The most-active rubber contract on the Shanghai futures exchange for January delivery fell 200 yuan to finish at 12,120 yuan ($1,972) per tonne.

“Investors in China are apparently clearing their positions ahead of the long holiday,” Tazawa said. The week-long holiday starts on Wednesday.

“The market is expected to stay under pressure given an overall bearish sentiment due to weaker demand in China and oversupply.”

The front-month rubber contract on Singapore’s SICOM exchange for October delivery was last traded at 145.0 U.S. cents per kg, down 2.3 cents.

– Reuters

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