TOKYO, May 13 (Reuters) – Benchmark Tokyo rubber futuresrose 1 percent on Tuesday, helped by a weaker yen and asconcerns about top producer Thailand’s plans to sell from itsstockpiles eased, dealers said.
The benchmark rubber contract on the Tokyo CommodityExchange (TOCOM) for October delivery rose 2 yen tosettle at 204.9 yen ($2.01) per kg.
“After gains to 205 yen, the market has lost cleardirection, and could change little from here,” said a broker whodeclined to be identified.
The contract rose to 205.5 yen, the highest since May 7,recovering after settling at 198.3 yen on Friday, within sightof a 4-1/2 year low of 196.7 yen struck in late April.
The yen ticked down to a one-week low against the dollar asimproved risk sentiment sent U.S. share prices to record highs.
Japanese stocks jumped 2 percent to a 1-1/2 week high onTuesday as the weaker yen lifted exporters.
Thailand pledged last week to go ahead with a plan to sell200,000 tonnes of rubber from government stocks, helping drivedown global prices to near their lowest in more than four years,but the market has recovered since then as dealers said theconcerns about the sale have eased.
The most-active rubber contract on the Shanghai futuresexchange for September delivery rose 85 yuan to finishat 14,140 yuan ($2,300) per tonne.
Singapore’s SICOM exchange was closed on Tuesday due toVesak Day.
($1 = 102.1150 Japanese Yen)
($1 = 6.2375 Chinese Yuan)
(Reporting by Osamu Tsukimori; Editing by Prateek Chatterjee)
© Reuters
