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Wednesday, October 20, 2021

TOCOM rubber skids to 2-month low; strong yen prompts selling

TOKYO (Jan 29): Benchmark Tokyo rubber futures slid to a nearly 2-month low on Monday, as a stronger yen against the US dollar prompted fresh selling, brokers said.

The dollar traded near its lowest level against the yen since mid-September. A stronger Japanese currency makes yen-denominated assets less affordable when purchased in other currencies.

The Tokyo Commodity Exchange (TOCOM) rubber contract for July delivery finished 7 yen lower at 198.1 yen (US$1.82) per kg after touching 197 yen earlier, the lowest since Dec. 1.

Crude rubber inventories at Japanese ports stood at 12,294 tonnes as of Jan. 10, up 0.2% from the last inventory date, data from the Rubber Trade Association of Japan showed on Monday.

The most-active rubber contract on the Shanghai Futures Exchange for May delivery fell 25 yuan to finish at 13,770 yuan (US$2,178) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for February delivery last traded at 152 US cents per kg, down 0.5 cent.

(US$1 = 6.3225 Chinese yuan)
(US$1 = 108.7900 yen)

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