TOKYO (June 29): Benchmark Tokyo rubber futures ended higher for a fourth straight session on Thursday after hitting a one-month high earlier, buoyed by firm oil futures and bullish Shanghai futures, dealers said.
Rubber also got support from a slightly weaker yen against the US dollar, which makes commodities denominated in the Japanese currency cheaper for holders of other currencies.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, may rise into a range of 223.10-236.70 yen per kg in three months, as suggested by its wave pattern and a Fibonacci retracement analysis, according to Wang Tao, a Reutersmarket analyst.
The Tokyo Commodity Exchange rubber contract for December delivery finished 6.2 yen higher at 205.4 yen (US$1.82) per kg after earlier touching 206.1 yen, the highest since May 31.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 460 yuan to finish at 13,500 yuan (US$1,991) per tonne after hitting 13,680 yuan, the highest since May 26.
The front-month rubber contract on Singapore’s SICOM exchange for July delivery last traded at 151.70 US cents per kg, up 7.3 US cents.
(US$1 = 112.5700 yen)
(US$1 = 6.7795 Chinese yuan)
