TOKYO, July 9 (Reuters) – Benchmark Tokyo rubber futures rose 0.6 percent on Tuesday as a weaker yen and the dwindling domestic stockpile helped the market recover from a one-week low hit earlier in the day, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for December delivery rose 1.4 yen to settle at 241.5 yen ($2.39) per kg due to a weaker yen in late afternoon action on Tuesday.
TOCOM Rubber Futures Price on Day Session, Tuesday, July 09, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Close |
Change |
Volume |
Settlement |
|
Jul 2013 |
237.9 |
238.0 |
239.0 |
237.0 |
238.5 |
+0.6 |
37 |
238.5 |
|
Aug 2013 |
237.0 |
238.8 |
240.3 |
238.0 |
238.8 |
+1.8 |
70 |
238.8 |
|
Sep 2013 |
238.4 |
238.9 |
241.1 |
238.9 |
239.5 |
+1.1 |
98 |
239.5 |
|
Oct 2013 |
238.3 |
238.4 |
241.9 |
238.4 |
240.3 |
+2.0 |
291 |
240.3 |
|
Nov 2013 |
239.5 |
239.6 |
242.5 |
238.2 |
241.0 |
+1.8 |
913 |
241.3 |
|
Dec 2013 |
240.1 |
239.5 |
242.7 |
238.2 |
242.0 |
+1.4 |
4,892 |
241.5 |
|
Total |
|
6,301 |
||||||
A weak yen makes yen-denominated assets more affordable when purchased in other currencies.
The contract has recovered after hitting an intraday low of 237 yen, the lowest since July 1.
The yen fell 0.3 percent to 101.23 yen against the dollar.
Crude rubber inventories at Japanese ports as of June 20 fell to 12,217 tonnes, down 992 tonnes over a 10-day period to the lowest level since Feb. 28, data from the Rubber Trade Association of Japan showed.
The most-active rubber contract on the Shanghai futures exchange extended declines, hurt by weak demand and high inventories, dealers said.
Shanghai markets fell broadly on Monday after Beijing pledged to cut off credit to industries plagued by overcapacity to force consolidation, triggering broad losses across the board.
Shanghai rubber for January delivery fell 390 yuan to finish at 17,180 yuan ($2,800) per tonne on Tuesday.
The front-month rubber contract on Singapore’s SICOM exchange for August delivery last traded at 219.00 U.S. cents per kg, up 1.2 cents.
($1 = 101.0850 Japanese yen)
($1 = 6.1337 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Anand Basu)
Source: Reuters
