TOCOM rubber hits near 2-week high before paring gains

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TOKYO (Jan 10): rubber hit their highest in nearly two weeks on Wednesday on the back of oil’s rise to the highest since 2014, before paring gains on the yen’s advance against the dollar and sluggish Shanghai , brokers said.

have not gotten much support from a coordinated producers’ curb in output. A group of three of the world’s top natural rubber producers will cut exports by up to 350,000 tonnes in total until March, the Thai agriculture ministry said late last month.

Oil prices hit their highest since 2014 on Wednesday due to ongoing production cuts led by as well as healthy demand.

The dollar extended losses against the yen after the Bank of Japan’s move to trim Japanese government bond () purchases in the previous session triggered speculation that could begin tapering its massive, ultra-easy .

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The Tokyo Commodity Exchange rubber contract for June delivery finished 1.5 yen higher at 207.4 yen (US$1.85) per kg after touching its highest since Dec. 29 at 208.1 yen.

The most-active rubber contract on the for May delivery fell 60 yuan to finish at 14,035 yuan (US$2,151) per tonne.

The front-month rubber contract on ’s exchange for February delivery last traded at 148.30 US cents per kg, up 0.5 cent.

(US$1 = 112.0900 yen)
(US$1 = 6.5242 Chinese yuan)

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