TOKYO (Feb 7): Benchmark Tokyo rubber futures snapped two straight sessions of falls on Wednesday, helped by a weaker yen against the dollar, brokers said.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, also got support from gains in oil prices in Asian trading.
The dollar reached a high of 109.720 yen as regional equities such as Japan’s Nikkei average soared, taking cue from a late rebound on Wall Street.
A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies.
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The Tokyo Commodity Exchange rubber contract for July delivery finished 1.8 yen higher at 195.5 yen (US$1.79) per kg.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 120 yuan to finish at 12,655 yuan (US$2,023) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for March delivery last traded at 146 US cents per kg, down 0.8 cents.
(US$1 = 6.2570 Chinese yuan)
(US$1 = 109.0600 yen)