TOKYO (Feb 27): Benchmark Tokyo rubber futures steadied after hitting a 3-week high on Tuesday as investors took profits after the recent rally and as Shanghai futures pared earlier gains.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, came under pressure also because oil prices gave up earlier gains.
“The TOCOM has sharply risen recently on the back of firmer Shanghai, but both markets have apparently run out of steam,” a Tokyo-based dealer said.
The Tokyo Commodity Exchange (TOCOM) rubber contract for August delivery finished unchanged at 193.8 yen (US$1.80) per kg. It earlier rose to the highest since Feb. 7 of 195.7 yen.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 10 yuan to finish at 12,885 yuan (US$2,043) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for March delivery last traded at 149.2 US cents per kg, down 1.0 cent.
(US$1 = 6.3066 Chinese yuan)
(US$1 = 107.0400 yen)
