BEIJING (March 29): Benchmark Tokyo rubber futures climbed 1% to a near 1-week high on Thursday, supported by stronger Shanghai futures and a weaker yen.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, recovered further as key Shanghai futures rose on hopes that trade tensions between China and the United States is easing.
“TOCOM was supported by Shanghai futures. Physical prices here in China have started to recover and stabilise, supporting futures prices,” said Zhao Wenting, an analyst with Dongwu futures.
“And now the concerns on trade war are easing. Slide in the yen also helped,” Zhao said.
The Tokyo Commodity Exchange rubber contract for September delivery finished 1.8 yen higher at 182.0 yen per kg after rising to 183 yen.
The most-active rubber contract on the Shanghai futures exchange for May delivery rose 35 yuan to finish at 11,100 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for April delivery last traded at 138.0 US cents per kg, down 1.2 cents.
The yen fell 0.2% against the dollar on Thursday.
