TOKYO, April 8 (Reuters) – Benchmark Tokyo rubber futures climbed 6.6 percent on Monday in their biggest percentage gain in more than two years, ending at a 10-day closing-high as the yen continued to slide after the Bank of Japan lost no time in launching its new easing policy.
The central bank conducted its first government bond buying operations on Monday since announcing new policy to beat deflation last week, pushing the yen to fresh lows against a host of major currencies.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM), for September delivery, rose 16.8 yen, or 6.6 percent, to settle at 270.3 yen per kg, the highest close since March 29
TOCOM Rubber Futures Day Session Prices on April 8, 2013 (yen / kilogram).
|
Month |
Last Settlement Price |
Open |
High |
Low |
Close |
Change |
Volume |
|
Apr 2013 |
242.0 |
250.0 |
256.8 |
247.8 |
256.8 |
+14.8 |
80 |
|
May 2013 |
248.3 |
253.1 |
262.9 |
251.0 |
261.4 |
+13.1 |
67 |
|
Jun 2013 |
247.9 |
253.9 |
265.0 |
252.7 |
265.0 |
+17.0 |
274 |
|
Jul 2013 |
249.7 |
257.0 |
267.9 |
254.0 |
267.9 |
+18.2 |
332 |
|
Aug 2013 |
251.9 |
259.8 |
270.0 |
255.4 |
269.9 |
+18.0 |
1,159 |
|
Sep 2013 |
253.5 |
260.9 |
271.0 |
256.6 |
270.9 |
+16.8 |
10,404 |
|
Total |
|
12,316
|
|||||
The contract’s closing price marked its biggest gain since March 17, 2011, when it jumped 7.6 percent.
It earlier climbed as high as 17.5 yen, or 6.8 percent, to an intraday high of 271.0 yen, the highest since April 1.
“It’s only the dollar/yen move that’s pushing the market up,” said Kaname Gokon, general manager of research at broker Okato Shoji. A weaker yen makes commodities priced in the Japanese unit more attractive to holders of other currencies.
“Today the markets in Thailand are off, so there’s little physicals-related trading. The TOCOM rise also pushed Shanghai higher,” Shoji said, referring to a single-day public holiday in Thailand.
The most-active rubber contract on the Shanghai Futures Exchange for September delivery advanced 275 yuan, or 1.2 percent, to finish at 21,735 yuan ($3,500) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 256.00 U.S. cents per kg, up 7.2 cents.
TOCOM Rubber Futures Night Session Prices on April 8, 2013 (yen / kilogram).
|
Month |
Last Settlement Price |
Open |
High |
Low |
Close |
Change |
Volume |
|
Apr 2013 |
256.8 |
260.0 |
262.5 |
260.0 |
262.5 |
+5.7 |
14 |
|
May 2013 |
261.4 |
264.5 |
265.8 |
264.0 |
265.8 |
+4.4 |
30 |
|
Jun 2013 |
264.9 |
268.0 |
269.4 |
266.8 |
269.4 |
+4.5 |
38 |
|
Jul 2013 |
267.9 |
270.0 |
272.4 |
269.8 |
272.4 |
+4.5 |
68 |
|
Aug 2013 |
269.9 |
272.1 |
274.5 |
271.0 |
274.5 |
+4.6 |
359 |
|
Sep 2013 |
270.3 |
272.9 |
275.4 |
271.7 |
274.4 |
+4.1 |
2,194 |
|
Total |
|
2,703 |
|||||
($1 = 97.1700 Japanese yen)
($1 = 6.2010 Chinese yuan)
(Reporting by Osamu Tsukimori in TOKYO and Manolo Serapio Jr in SINGAPORE; Editing by Joseph Radford)
Source: Reuters
