TOKYO, Nov 26 (Reuters) – Benchmark Tokyo rubber futures ended slightly lower on Tuesday, dragged lower by weak Shanghai futures amid concerns over a surplus of rubber stocks, dealers said.
The new benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for May delivery settled at 260.1 yen ($2.56) per kg, down 0.3 percent from its opening price.
The contract fell to a six-day low of 258.0 yen earlier in the session, weighed down by a slightly stronger yen and weak stock markets.
“TOCOM rubber trading was swayed by its weak Shanghai counterpart, which seems to be under pressure from bulging stocks of rubber products such as sheet rubber,” said a broker who declined to be named.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 125 yuan to finish at 18,935 yuan ($3,100) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for December delivery last traded at 228.50 U.S. cents per kg, down 1.5 cents.
($1 = 6.0926 Chinese yuan)
($1 = 101.7000 Japanese yen) (Reporting by Osamu Tsukimori; Editing by Sunil Nair)
Source: Reuters
