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Friday, June 2, 2023

Tokyo rubber futures ended up 1.1 percent on Thursday

Benchmark Tokyo rubber futures ended up 1.1 percent on Thursday on the back of a weaker yen against the dollar, but the gains were limited by lower Shanghai futures. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have been in the doldrums, weighed by concerns about healthy economic growth in the world’s top user China.

The Tokyo Commodity Exchange rubber contract for December delivery finished 2.4 yen higher at 215.9 yen per kg.

The most-active rubber contract on the Shanghai futures exchange for January delivery fell 145 yuan to finish at 13,295 yuan per tonne. The contract stood about 11 percent above the July 9 low, which was the lowest for the benchmark contract since at least 2005.

The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 146.1 US cents per kg, down 1.3 cent.

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