TOCOM rubber ends at two-week high, buoyed by firm Shanghai

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TOKYO (Nov 29): ended at a two-week high on Wednesday, buoyed by bullish gains in Shanghai market.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for in Southeast , have recovered from near a five-month low hit earlier this month mainly on hopes of renewed demand from top consumer .

The Tokyo Commodity Exchange contract for May delivery finished 3.5 yen higher at 199.5 yen (US$1.79) per kg.

Crude rubber inventories at Japanese ports stood at 7,125 tonnes, as of Nov 10, up 13.8% from the last inventory date, data from the Rubber Trade Association of showed on Wednesday.

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Major producer exported an estimated 1.20 million tonnes of rubber in the first 11 months of 2017, up 7.1% on year, and imported an estimated 503,000 tonnes, the government said on Wednesday.

The most-active rubber contract on the Shanghai futures exchange for May delivery rose 330 yuan to finish at 14,210 yuan (US$2,154.07) per tonne. Earlier in the session, it hit 14,295 yuan, the highest since Nov. 14.

The front-month rubber contract on ’s exchange for December delivery last traded at 139.20 US cents per kg, down 0.4 cent.

(US$1 = 111.4500 yen)
(US$1 = 6.5968 Chinese yuan)

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