BANGKOK: Tokyo rubber futures ended higher on Monday on the back of the easing Japanese yen, but weaker oil prices and rising rubber stocks in China weighed on the market, dealers said.
The Tokyo Commodity Exchange rubber contract for January delivery rose 0.5 yen to settle at 206.5 yen ($2.03)per kg.
“Investors took to speculative buying after they saw the yen rise. However, TOCOM prices were still weighed by falling oil and rising rubber stocks in China,” said a Bangkok-based dealer.
The U.S. dollar hovered near six-month high against a basket of major currencies on Monday, being traded at 101.81 yen.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.2 percent from last Friday, according to the exchange.
Brent crude slipped near $108 a barrel on Monday as fighting between Israel and Hamas Islamist militants subsided in Gaza, but some analysts said falls may be limited.
The most-active rubber contract on the Shanghai futures exchange for January delivery fell 50 yuan to finish at 15,605 yuan ($2,500)per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for August delivery was last traded at 169.7 U.S. cents per kg, up 0.9 cent.
– Reuters
