TOKYO (Nov 29): Benchmark Tokyo rubber futures ended at a two-week high on Wednesday, buoyed by bullish gains in Shanghai market.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have recovered from near a five-month low hit earlier this month mainly on hopes of renewed demand from top consumer China.
The Tokyo Commodity Exchange rubber contract for May delivery finished 3.5 yen higher at 199.5 yen (US$1.79) per kg.
Crude rubber inventories at Japanese ports stood at 7,125 tonnes, as of Nov 10, up 13.8% from the last inventory date, data from the Rubber Trade Association of Japan showed on Wednesday.
Major producer Vietnam exported an estimated 1.20 million tonnes of rubber in the first 11 months of 2017, up 7.1% on year, and imported an estimated 503,000 tonnes, the government said on Wednesday.
The most-active rubber contract on the Shanghai futures exchange for May delivery rose 330 yuan to finish at 14,210 yuan (US$2,154.07) per tonne. Earlier in the session, it hit 14,295 yuan, the highest since Nov. 14.
The front-month rubber contract on Singapore’s SICOM exchange for December delivery last traded at 139.20 US cents per kg, down 0.4 cent.
(US$1 = 111.4500 yen)
(US$1 = 6.5968 Chinese yuan)
