22.3 C
New York
Tuesday, May 24, 2022

TOCOM rubber ends up on weak yen, firm Shanghai

TOKYO (May 10): Benchmark Tokyo rubber futures ended higher on Thursday, supported by a weaker yen against the dollar and strength in Shanghai futures.

“Despite the gains, the worries over weak fundamentals remained, as rubber stockpiles are pretty high,” said a Japanese trading source.

Crude rubber inventories at Japanese ports stood at 16,606 tonnes as of April 20, up 1.5% from the last inventory date, data from the Rubber Trade Association of Japan showed on Thursday.

TOCOM has been trading below the 200-yen level since late January amid worries over sluggish demand and high inventories.

The Tokyo Commodity Exchange rubber contract for October delivery finished 1.2 yen higher at 192.9 yen (US$1.76) per kg after touching 194.3 yen earlier, near a 1½-month high hit on Tuesday.

The dollar held firm on Thursday underpinned by gains in long-term US Treasury yields and investors focused on US consumer price data later in the day that could show inflation rising.

A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies.

The most-active rubber contract on the Shanghai futures exchange for September delivery rose 70 yuan to finish at 11,680 yuan (US$1,835) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for June delivery last traded at 142.30 US cents per kg, down 0.3 cent.

(US$1 = 109.9000 yen)
(US$1 = 6.3646 Chinese yuan)

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,301FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles