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Thursday, August 11, 2022

TOCOM rubber ends higher on Shanghai gain, firm oil prices

TOKYO (Dec 12): Benchmark Tokyo rubber futures gained on Tuesday after two days of decline, buoyed by Shanghai futures and firm oil prices.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, had fallen amid worries over demand after hitting a more than two-month high of 211.2 yen a week earlier following a fire outbreak at a warehouse in China.

The Tokyo Commodity Exchange rubber contract for May delivery finished 1 yen higher at 204 yen (US$1.80) per kg.

The most-active rubber contract on the Shanghai futures exchange for May delivery rose 90 yuan to finish at 14,165 yuan (US$2,140) per tonne.

Brent oil prices jumped 1.5% on Tuesday to their highest since mid-2015, after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market already tightening due to OPEC-led production cuts.

The front-month rubber contract on Singapore’s SICOM exchange for January delivery last traded at 142.40 US cents per kg, down 0.7 cent.

(US$1 = 113.3800 yen)
(US$1 = 6.6205 Chinese yuan renminbi)

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