TOKYO, Feb 28 (Reuters) – Benchmark Tokyo rubber futures closed up 3.1 percent on Friday, getting support from firm Shanghai futures, easing worries over sluggish Chinese demand.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for August delivery rose 6.8 yen to settle at 225.0 yen ($2.20) per kg.
The contract jumped to an intraday high of 226.8 yen, or up 3.9 percent, which was a four-day high. For the week, the contract fell 0.8 percent.
“As the Shanghai benchmark contracts moved to September contract from May, there has been selling of May contracts and buying of September,” said Kaname Gokon, general manager of research at broker Okato Shoji.
“That impact should be neutral to the market, but supported by the recent overall bullish markets, TOCOM’s August contract got support and jumped in line with Shanghai.”
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 155 yuan to finish at 14,980 yuan ($2,400) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for March delivery last traded at 183.70 U.S. cents per kg, up 0.1 cent.
($1 = 102.0850 Japanese yen)
($1 = 6.1284 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Anand Basu)
Reuters
