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Monday, October 18, 2021

TOCOM rubber snaps 3-day winning streak on profit-taking

TOKYO, Sept 6 (Reuters) – Benchmark Tokyo rubber futures edged lower on Tuesday, snapping a three-day winning streak, as investors took profits on a firmer yen and after it failed to break through a three-week high hit the previous day. “The benchmark tested the technical ceiling of 160 yen earlier in the session, but it failed to move higher as a stronger yen later in the day hurt investor sentiment,” said Toshitaka Tazawa, analyst at Fujitomi Co.

The Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery JRUc6 0#2JRU: finished 0.1 yen lower at 158.4 yen ($1.53) per kg, paring earlier gains. It rose to 159.9 yen earlier in the session, near Monday’s high of 160.0 yen, which was the highest since Aug.16.

The U.S. dollar was trading at 103.67 yen JPY= in late Asia trade on Tuesday, having fallen from Friday’s one-month high of 104.32. FRX/ On the positive side, oil prices extended gains on Tuesday, after top producers Russia and Saudi Arabia agreed to cooperate on stabilising the oil market, but a lack of immediate action to rein in output capped gains.

O/R The most-active rubber contract on the Shanghai Futures Exchange for January delivery SNRcv1 climbed 35 yuan to finish at 12,580 yuan ($1,883.32) per tonne. The front-month rubber contract on Singapore’s SICOM exchange for October delivery STFc1 last traded at 129.8 U.S. cents per kg, down 1.1 cent. The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have been stuck in a tight range of 145 to 165 yen since late May amid lacklustre trade.

($1 = 103.3300 yen)

($1 = 6.6797 Chinese yuan)

(Reporting by Yuka Obayashi; Editing by Sunil Nair)

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