TOKYO, April 9 (Reuters) – Benchmark Tokyo rubber futures closed higher on Tuesday but off a two-week high as the yen’s decline versus the dollar, which had stoked the recent rally, stalled and further buying withered as rubber prices hit a technical ceiling of 280 yen.
The dollar reversed earlier gains to fall 0.2 percent versus the yen on Tuesday, having hit a four-year high of around 99.65 yen after new Bank of Japan governor Haruhiko Kuroda unveiled a massive stimulus programme on Thursday and swiftly followed up by buying longer-dated bonds on Monday.
TOCOM Rubber Futures Day Session Prices on April 9, 2013 ( yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Close |
Change |
Volume |
Settlement |
|
Apr 2013 |
256.8 |
267.0 |
267.0 |
263.1 |
263.1 |
+6.3 |
30 |
263.1 |
|
May 2013 |
261.4 |
269.8 |
271.0 |
266.2 |
266.2 |
+4.6 |
47 |
266.0 |
|
Jun 2013 |
264.9 |
273.7 |
273.7 |
269.5 |
269.5 |
+4.6 |
106 |
269.5 |
|
Jul 2013 |
267.9 |
276.4 |
277.0 |
272.0 |
272.0 |
+4.4 |
195 |
272.3 |
|
Aug 2013 |
269.9 |
279.3 |
279.5 |
274.5 |
274.8 |
+4.9 |
1,185 |
274.8 |
|
Sep 2013 |
270.3 |
278.4 |
280.3 |
275.4 |
275.5 |
+5.6 |
6,106 |
275.9 |
|
Total |
|
7,669 |
||||||
“The rubber market came back a bit after it went too far relative to a reaction to the Kuroda shock in the currency market,” said a manager at a Japanese commodity brokerage.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM), for September delivery, rose 5.6 yen to settle at 275.9 yen ($2.8) per kg.
It earlier climbed as high as 280.3 yen, the highest since March 28.
A correction from a quick recovery from a 4-1/2 month low of 252 yen marked last week to a two-week high on Tuesday could lead to the market’s technical retreat to around 265 yen, the manager said.
The most-active rubber contract on the Shanghai Futures Exchange for September delivery advanced 200 yuan to 21,685 yuan ($3,500) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 255.00 U.S. cents per kg, down 6.4 cents.
But on Night Session, rubber prices low.
TOCOM Rubber Futures Night Session Prices on April 9, 2013 ( yen / kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Close |
Change |
Volume |
|
Apr 2013 |
263.1 |
259.3 |
259.3 |
258.1 |
258.1 |
-5.0 |
3 |
|
May 2013 |
266.0 |
263.3 |
263.3 |
261.0 |
261.0 |
-5.0 |
8 |
|
Jun 2013 |
269.5 |
267.3 |
267.3 |
263.0 |
265.2 |
-4.3 |
14 |
|
Jul 2013 |
272.3 |
270.0 |
271.1 |
265.6 |
268.2 |
-4.1 |
28 |
|
Aug 2013 |
274.8 |
272.2 |
273.9 |
267.7 |
271.7 |
-3.1 |
344 |
|
Sep 2013 |
275.9 |
273.9 |
275.5 |
269.0 |
273.0 |
-2.9 |
2,050 |
|
Total |
|
2,447 |
|||||
($1 = 6.2033 Chinese yuan)
($1 = 98.8850 Japanese yen)
(Reporting by Risa Maeda; Editing by Muralikumar Anantharaman)
Source: Reuters
