TOCOM rubber climbs on firmer oil, Shanghai futures

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TOKYO (Jan 9): Benchmark Tokyo rubber futures rose on Tuesday, in line with firm oil prices and Shanghai futures, brokers said.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, recovered after hitting 204 yen on Friday, the lowest since Dec. 22.

Japanese markets were closed on Monday for a national holiday.

The Tokyo Commodity Exchange rubber contract for June delivery finished 1.1 yen, 0.5%, higher at 205.9 yen (US$1.83) per kg.

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US oil prices hit their highest since 2015 again on Tuesday as speculators bet on further price rises amid OPEC-led production cuts and a dip in American drilling activity, though some warned the rally could run out of steam.

The most-active rubber contract on the Shanghai futures exchange for May delivery rose 40 yuan to finish at 14,075 yuan (US$2,164) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for February delivery last traded at 146.50 US cents per kg, up 0.5 cent.

(US$1 = 112.6500 yen)
(US$1 = 6.5034 Chinese yuan)

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