Rubber traded near the highest in more than two months, heading for a third weekly advance, as a weaker Japanese currency raised the appeal of yen-denominated futures and speculation grew that Chinese demand will expand.
The contract for delivery in May on the Tokyo Commodity Exchange climbed as much as 0.5 percent to 285.6 yen a kilogram ($2,760 a metric ton), the highest level since Sept. 20. Futures traded at 284.2 yen at 10:15 a.m., gaining 3.1 percent this week.
TOCOM Rubber Futures Prices on Friday, December 13, 2013 (yen/kilogram)
|
Month |
Last Settlement Price |
Open |
High |
Low |
Current |
Change |
Volume |
|
Dec 2013 |
279.2 |
278.6 |
281.0 |
278.6 |
281.0 |
+1.8 |
44 |
|
Jan 2014 |
278.3 |
278.8 |
280.8 |
278.4 |
280.1 |
+1.8 |
66 |
|
Feb 2014 |
277.7 |
278.7 |
279.4 |
277.4 |
279.0 |
+1.3 |
315 |
|
Mar 2014 |
279.0 |
280.0 |
280.6 |
278.4 |
279.7 |
+0.7 |
251 |
|
Apr 2014 |
281.9 |
283.2 |
283.5 |
281.1 |
282.5 |
+0.6 |
918 |
|
May 2014 |
284.1 |
285.3 |
285.9 |
283.3 |
285.4 |
+1.3 |
5,383 |
|
Total |
|
6,977 |
|||||
The yen slid to 103.66 per dollar, the lowest level in more than six months, as improving U.S. economic data boosted bets the Federal Reserve will reduce stimulus as early as next week. Data this week showed passenger-vehicle sales rose 16 percent in China last month, boosting speculation demand for rubber from tiremakers will increase, said Kazuhiko Saito, an analyst at broker Fujitomi Co. in Tokyo.
“The market is supported by a weak yen and optimism about Chinese demand,” he said by phone.
China’s imports of natural rubber and latex climbed to a record 270,000 tons in November, according to General Administration of Customs. Data also showed this week U.S. retail sales rose more than forecast last month as Americans bought cars and took advantage of discounts going into the holiday-shopping season.
The contract for May delivery on the Shanghai Futures Exchange lost 1 percent to 19,930 yuan($3,283) a ton. Thai rubber free-on-board added 0.6 percent to 82.95 baht ($2.58) a kilogram yesterday, according to the Rubber Research Institute of Thailand.
Source: Bloomberg
