TOKYO (Oct 2): Benchmark Tokyo rubber futures marked a third straight day of gains and hit a one-month high on Tuesday, helped by firm oil prices hitting multiple-year highs.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, also got support from a weaker yen, which hit an 11-month low against the dollar.
“Oil combined with a weak yen supported the prices,” said a Japanese trade source.
The Tokyo Commodity Exchange rubber contract for March delivery finished 0.9 yen higher at 172.4 yen (US$1.52) per kg after touching 174.2 yen earlier, the highest since Sept 3.
China’s financial markets are closed this week for the National Day holiday.
The front-month rubber contract on Singapore’s SICOM exchange for November delivery last traded at 134.1 US cents per kg, up 0.4 cent.
(US$1 = 113.7100 yen)
