TOCOM rubber cuts losses by close on US dollar recovery

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TOKYO (Jan 11): Benchmark Tokyo futures edged down 0.2% by the close on Thursday, trimming losses as the dollar edged higher against the yen from a six-week low hit a day earlier, brokers said.

The for June delivery finished 0.5 yen lower at 206.9 yen (US$1.85) per kg.

inventories at Japanese ports stood at 10,739 tonnes as of Dec. 20, up 10.3% from the last inventory date, data from the of showed on Thursday.

The dollar edged higher against the yen on Thursday after comments by China’s foreign exchange regulator eased concerns that China may reduce its buying of US government bonds.

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The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, also got support from marginal gains in Shanghai futures.

The most-active rubber contract on the Shanghai futures exchange for May delivery rose 65 yuan to finish at 14,170 yuan (US$2,176) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for February delivery last traded at 148.70 US cents per kg, up 0.7 cent.

(US$1 = 111.8300 yen)
(US$1 = 6.5130 Chinese yuan)

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