Tokyo Commodity Exchange (TOCOM) index climbed Tuesday on rubber, traders said the yen weakening and the Chinese mainland stock market strength, will help improve investor sentiment.
TOCOM index in May of glue (JRUc6) (0 # 2JRU 🙂 close at 204.2 yen per kilogram ($ 1.7314), compared with 1.2 yen opened up.
“Yen weakness and strong support of the Chinese mainland market rubber prices, but the action can be quite strong,” Fujitomi analyst Toshitaka Tazawa said.
Yen / dollar (JPY =) remain under pressure, last week’s high of 118.98 hit seven years, due to the Bank of Japan to expand stimulus accident late last month. Fell to 118.59 yen in early trade on Tuesday.
“Investors outcome of last week’s meeting of the main producing countries are disappointed. We suspect that the situation can change initiatives announced oversupply,” Tazawa said.
Asian rubber-producing countries have agreed to, it will export rubber to the international market, “management” in order to curb the excess supply situation. But analysts said that if demand does not pick up significantly, this impact on little rubber prices hit hard.
Shanghai Futures Exchange, the main May rubber contract (SNRcv1) rose 160 yuan, to close at 12,845 yuan ($ 2,092) per ton.
New Singapore Commodity Exchange (SICOM) 12-month rubber contract (STFc1) reported $ 1.535 per kilogram, down $ 0.016.
Translated by Google Translator from http://news.cria.org.cn/4/24656.html
