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Thursday, January 27, 2022

TOCOM rubber shoots up to 6-month high as dollar jumps

TOKYO (Nov 7): Benchmark Tokyo rubber futures shot up to a six-month high on Monday, buoyed by the dollar’s surge against the yen, as Democrat Hillary Clinton’s prospects improved in the US presidential race after the FBI cleared her in its latest review.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, and Shanghai futures shot up more than 5% at one point in late afternoon trading as the yen and the Chinese yuan weakened.

The dollar was up 1.2% at 104.255 yen after surging to 104.530 in early trade. It had declined to 102.550 last week as polls showed a tightened US presidential race between Clinton, seen as a candidate of the status quo, and Republican candidate Donald Trump.

The FBI said on Sunday it stood by its earlier finding that no criminal charges were warranted against Clinton for using a private email server for government work.

“The yen and the yuan declined substantially following the FBI’s decision to let Hillary Clinton off the hook,” said a Tokyo-based dealer.

The Tokyo Commodity Exchange rubber contract for April delivery <0#2JRU:> finished 9.3 yen higher at 187.1 yen (US$1.79) per kg after hitting a high of 188.8 yen, the highest since May 2.

The most-active rubber contract on the Shanghai futures exchange for January delivery rose 565 yuan to finish at 14,505 yuan (US$2,141) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for December delivery last traded at 153 US cents per kg, up 4.2 cents.

(US$1 = 104.4200 yen)
(US$1 = 6.7743 Chinese yuan)

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