TOKYO (Sept 27): Benchmark Tokyo rubber futures hit a one-week high on Wednesday, buoyed by late recovery in Shanghai futures and yen’s decline against the dollar after comments by the US Federal Reserve chief boosted bets on another rate hike, brokers said.
The Tokyo Commodity Exchange rubber contract for March delivery finished 1.7 yen higher at 217.7 yen (US$1.93) per kg. Earlier in the session, it touched 219.1 yen, its highest since Sept. 19.
Against the yen the dollar edged up to 112.33 yen, bouncing back from Tuesday’s low of 111.50.
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 January delivery rose 15 yuan to finish at 14,655 yuan (US$2,207) per tonne, recovering from a near two-month low hit last Friday.
The front-month rubber contract on Singapore’s SICOM exchange for October delivery last traded at 151.50 US cents per kg, down 0.2 cent.
(US$1 = 112.7500 yen)
(US$1 = 6.6390 Chinese yuan)
