TOKYO (June 19): Benchmark Tokyo rubber futures ended down 2.9% at a near one-week low on Monday, tracking sluggish Shanghai futures and a stronger yen, brokers said.
The result of a weekend meeting of the main international rubber producer group, held in Indonesia, was not immediately available, but Indonesia’s industry body said it is not worried about a recent slump in prices as market fundamentals remain strong.
Producers had been expected to talk about rubber prices at the gathering, which touched multiple-month lows recently, partly due to a slowdown in imports by top consumer China.
Against the yen, the US dollar inched up 0.1% to 110.95 yen.
The Tokyo Commodity Exchange rubber contract for November delivery finished 5.8 yen lower at 195.2 yen (US$1.76) per kg, down from Friday’s two-week high.
The most-active rubber contract on the Shanghai Futures Exchange for September delivery fell 240 yuan to finish at 12,690 yuan (US$1,862) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for July delivery last traded at 141.7 US cents per kg, down 4.1 US cents.
(US$1 = 111.0600 yen)
(US$1 = 6.8144 Chinese yuan)
