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Monday, January 24, 2022

TOCOM rubber falls 2.2 pct, dragged down by Shanghai futures

TOKYO, Dec 2 (Reuters) – Benchmark Tokyo rubber futures ended down 2.2 percent on Friday as extended declines in Shanghai futures weighed on markets, while the yen’s pullback from a nine-month trough against the dollar also hurt sentiment.

“TOCOM followed Shanghai futures lower, while a stronger yen also dragged,” said a Tokyo-based dealer.

“Speculative investments also may be unwinding after a recent build-up.” The Tokyo Commodity Exchange rubber contract for May delivery JRUc6 0#2JRU: finished 5.2 yen lower at 229.7 yen ($2.01) per kg. For the week, the contract, which hit a 1-1/2 year high of 245.6 yen on Tuesday, fell 3 percent, the first decline in four weeks. The most-active rubber contract on the Shanghai futures exchange for May delivery SNRcv1 fell 120 yuan to finish at 18,015 yuan ($2,616.98)per tonne.The contract on Monday rose to as high as 19,615 yuan, the highest since April 2, 2014.

The front-month rubber contract on Singapore’s SICOM exchange for January delivery STFc1 last traded at 170.80 U.S. cents per kg, down 0.5 cents. ($1 = 114.0700 yen) ($1 = 6.8839 Chinese yuan)

(Reporting by Osamu Tsukimori; Editing by Subhranshu Sahu)

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