TOKYO, Nov 13 (Reuters) – Key TOCOM rubber futures eased on Tuesday as investors stayed on the sidelines awaiting the unveiling of China’s new leadership team this week.
The key Tokyo Commodity Exchange rubber contract for April delivery ended down 1.6 yen, or 0.7 percent, at 242.7 yen per kg. The benchmark contract fell to as low as 242.2 yen, down 0.9 percent.
China’s new leaders will be unveiled on Thursday at the ruling communist party congress, setting the tone for economic reforms in the world’s most populous nation.
“There is likely to be little economic news affecting the market before the day after tomorrow,” said a trader based in Tokyo, who expects rubber to trade in a range of 240-250 yen until the new Chinese leadership is clear.
The most active Shanghai rubber contract for May delivery closed down 1.1 percent at 23,700 yuan per tonne.
The front-month December rubber contract on the SICOM in Singapore was last traded at 276.1 cents per kg, down 10 cents.
(Reporting by Aaron Sheldrick; Editing by Kim Coghill)
Source: Reuters
