BEIJING (April 23): Benchmark Tokyo rubber futures ended higher on Monday, buoyed by gains in Shanghai futures, as China’s central bank policy supported strong performances among major commodity futures in the short-term.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, rose on bullish Shanghai futures, after hitting a one-month high last Friday.
“China’s central bank’s announcement to cut bank reserve requirements last week supported commodities’ futures to some extent,” said Quan Shuwen, senior analyst at Horizon Insights, a consultancy based in Shanghai.
“As for rubber, supplies are not very stable as we are still tapping the rubber,” Quan said.
The Tokyo Commodity Exchange rubber contract for September delivery finished 1.7 yen higher at 188.8 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 25 yuan to finish at 11,680 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 140.9 US cents per kg, up 2.3 cents.
