TOKYO (July 6): Benchmark Tokyo rubber futures snapped a four-day losing streak on Friday and rose from a 21-month low hit a day earlier, helped by firm Asian stocks after Washington slapped tariffs on Chinese imports.
Mainland Chinese shares led Asia’s recovery, buoying rubber futures, partly helped by the perception that the tariff measures were already priced in.
“As is often said, it’s sell the rumour and buy the news,” said a Japanese trading source.
The Tokyo Commodity Exchange rubber contract for December delivery finished 1.9 yen higher at 171.4 yen (US$1.55) per kg, recovering from a 21-month low hit a day earlier. For the week, it fell 2.8%.
The most-active rubber contract on the Shanghai futures exchange for September delivery fell 5 yuan to finish at 10,335 yuan (US$1,555) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 130.20 US cents per kg, down 0.8 cent.
(US$1 = 110.6100 yen)
(US$1 = 6.6453 Chinese yuan)
