BEIJING (April 24): Benchmark Tokyo rubber futures ended lower on Tuesday, taking cues from a weak Shanghai market, as domestic rubber stockpiles continued to grow.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, fell slightly on Tuesday after hitting a one-month high last week.
“Rubber stocks are still quite high. Demand, on the other hand, is steady. So the rise would be limited,” said Zhang Li, analyst, First Futures.
The Tokyo Commodity Exchange rubber contract for October delivery finished 1.2 yen lower at 187.6 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for September delivery dropped 115 yuan to finish at 11,530 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 138.5 U.S. cents per kg, down 1.8 cents.
