Nov 18 (Reuters) – Tokyo rubber futures edged lower on Monday, tracking falls in oil prices at a time when investors booked profits after recent rises, dealers said on Monday.
The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery fell 0.9 yen to settle at 261.2 yen ($2.60) per kg.
“TOCOM fell because of weak oil prices and profit-taking by small investors,” said a Bangkok-based dealer.
Weaker yen helped TOCOM prices to rise 1.2 percent to a two-week high on Friday, marking their biggest weekly gain in a month and encouraging investors to book profits.
Brent crude slipped towards $108 a barrel on Monday as traders focused on a resumption of talks between Iran and major powers that may lead to a rise in oil supply.
Dealers said TOCOM prices could rebound on Tuesday after prices finished above a major support level of 260 yen.
The most-active rubber contract on Shanghai futures exchange for May delivery was down 245 yuan to finish at 19,130 yuan ($3,100) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for December delivery was last traded at 230.1 U.S. cents per kg, down 0.4 cent.
($1 = 100.2850 Japanese yen)
($1 = 6.0922 Chinese yuan)
(Reporting by Apornrath Phoonphongphiphat; Editing by Gopakumar Warrier)
Source: Reuters
