Wednesday, 25 March 2015 16:15
TOKYO: Benchmark Tokyo rubber futures fell on Wednesday for the first time in three sessions, hit by profit-taking after prices hit a near three-week high a day earlier, dealers said.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, also came under pressure from slowing imports by the world’s top consumer China.
The Tokyo Commodity Exchange rubber contract for August delivery ended down 1.4 percent, or 3.1 yen lower, at 213.8 yen per kg.
The front-month contract for March delivery expired on Wednesday, settling up 3.8 yen at 216.3 yen.
The April contract, which ended at 213 yen on Wednesday, could get some support on Thursday when it becomes the new front-month contract.
“The April contract could gain some 3 yen from tomorrow to fill the gap with the expired March contract,” said a Tokyo-based dealer.
There were 669 lots of deliveries of the expiring March contract.
The U.S. dollar was quoted around 119.64 yen, compared with around 119.55 yen on Tuesday afternoon.
The most-active rubber contract on the Shanghai futures exchange for September delivery fell 170 yuan to finish at 12,930 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for April delivery last traded at 142.2 U.S. cents per kg, down 1.1 cent.
Copyright Reuters, 2015
