TOKYO, Feb 8 (Reuters) – Benchmark Tokyo rubber futures fell 0.8 percent on Friday on profit-taking ahead of Chinese New Year holidays.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for July delivery fell 2.8 yen to settle at 330.2 yen ($3.54) per kg.
The contract on Wednesday jumped as far as 337.8 yen, marking the highest level for any benchmark since late March 2012.
“China enters the holidays next week, and so does Singapore, and the rubber businesses also are on holiday mode,” said a Tokyo-based broker who declined to be identified.
“Funds also didn’t seem active ahead of Japan’s three-day holidays and some profit-taking was seen.”
TOCOM markets are closed on Monday due to a national holiday and will reopen on Tuesday.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.2 percent from last Friday, the exchange said after the TOCOM’s settlement on Friday.
The most-active rubber contract on the Shanghai futures exchange for September delivery fell 220 yuan to finish at 26,720 yuan ($4,300) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for March delivery last traded at 308.00 U.S. cents per kg, down 3.3 cents.
($1 = 93.2100 Japanese yen)
($1 = 6.2322 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Anand Basu)
Source: Reuters
