TOKYO (July 19): Benchmark Tokyo rubber futures ended up 3.1% on Wednesday after hitting their highest in one-and-a-half months in late trading on the back of firm Shanghai futures.
“The strong buying in Shanghai futures supported TOCOM, and vice versa,” said a Tokyo-based broker. “The buying was more to do with technical position adjustments rather than shortage of supplies.”
The Tokyo Commodity Exchange rubber contract for December delivery finished 6.2 yen higher at 207.7 yen (US$1.85) per kg after touching 208 yen in late trading, the highest since May 31.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 530 yuan to finish at 14,045 yuan (US$2,079) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 155.40 US cents per kg, up 6.7 US cents.
Sumitomo Rubber Industries said it is considering tripling tyre production capacity at one of its two factories in China to 60,000 tyres per day to meet growing demand.
Indonesia’s rubber association executive Erwin Tunas said the country’s 2017 rubber exports were seen at 2.7 million tonnes, compared with 2.63 million tonnes in 2016. He also said that 2017 rubber output was seen at 3.23 million tonnes, compared with 3.16 million tonnes in 2016.
(US$1 = 6.7559 Chinese yuan)
(US$1 = 112.0600 yen)
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