TOKYO, April 10 (Reuters) – Benchmark Tokyo rubber fell 0.1 percent on Wednesday as the yen’s weakness stalled near a four-year low against the dollar and killed further upward momentum for TOCOM futures.
The yen bobbed around a nearly four-year low against the dollar on Wednesday, but the momentum created by the Bank of Japan’s ambitious monetary expansion campaign was not quite enough to push it over the 100-yen level.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for September delivery fell 0.2 yen to settle at 275.7 yen ($2.78) per kg. The contract had hit a two-week high of 280.3 yen on Tuesday on the back of a weaker yen.
TOCOM Rubber Futures Day Session Prices on April 10, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Close |
Change |
Volume |
|
Apr 2013 |
263.1 |
262.1 |
263.0 |
261.3 |
262.8 |
-0.3 |
14 |
|
May 2013 |
266.0 |
264.9 |
266.8 |
264.0 |
264.6 |
-1.4 |
51 |
|
Jun 2013 |
269.5 |
266.8 |
270.7 |
266.8 |
270.0 |
+0.5 |
105 |
|
Jul 2013 |
272.3 |
270.0 |
274.4 |
270.0 |
273.7 |
+0.6 |
214 |
|
Aug 2013 |
274.8 |
272.8 |
276.9 |
272.8 |
274.4 |
-0.2 |
362 |
|
Sep 2013 |
275.9 |
274.0 |
278.4 |
274.0 |
275.7 |
-0.2 |
4,501 |
|
Total |
|
5,247
|
|||||
TOCOM’s yen-denominated futures usually move inversely to the strength of the currency.
“TOCOM is tracking the overall flow of the markets in general, and I think the further upside may be difficult unless the yen weakens further to 100 yen or something,” said a broker source who declined to be named.
The TOCOM and Shanghai rubber markets were little changed after trade data showed that China’s natural rubber imports rose by 53.3 percent in March from the previous month to 230,000 tonnes. Synthetic rubber imports also rose by 44.3 percent to 148,000 tonnes.
Besides watching Japan’s currency, investors were also eyeing a three-day regional rubber seminar hosted by the Thai government that started on Wednesday. Government representatives from Thailand, Malaysia and Indonesia are expected to discuss how to stabilise rubber prices.
The dry season is almost over in Thailand, the world’s biggest rubber producer. Historically, supplies from Thailand increase after the end of the country’s three-day Songkran water festival on April 16.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 45 yuan to finish at 21,820 yuan ($3,500) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 258.50 U.S. cents per kg, up 3.5 cents.
TOCOM Rubber Futures Night Session Prices on April 10, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Apr 2013 |
262.8 |
262.9 |
266.5 |
262.9 |
266.5 |
+3.7 |
7 |
|
May 2013 |
264.6 |
267.0 |
269.6 |
267.0 |
269.6 |
+5.0 |
22 |
|
Jun 2013 |
270.0 |
271.1 |
273.0 |
270.8 |
273.0 |
+3.0 |
120 |
|
Jul 2013 |
272.9 |
274.1 |
276.6 |
274.1 |
276.6 |
+3.7 |
74 |
|
Aug 2013 |
274.6 |
276.5 |
279.0 |
276.1 |
279.0 |
+4.4 |
570 |
|
Sep 2013 |
275.7 |
277.6 |
280.7 |
277.1 |
280.1 |
+4.4 |
1,405 |
|
Total |
|
2,198 |
|||||
($1 = 99.0050 Japanese yen)
($1 = 6.2024 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Tom Hogue)
Source: Reuters
