TOKYO, Nov 12 (Reuters) – Benchmark Tokyo rubber futures ended steady on Tuesday as positive sentiment from a weaker yen was offset by weakness in Shanghai futures ahead of indications on policy from top consumer China.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for April delivery stood unchanged to settle at 258.6 yen ($2.61) per kg after moving in a tight range for most of the day.
The dollar rose to a more than seven-week high against the yen in Asia on Tuesday, coasting on heightened expectations that the U.S. Federal Reserve will reduce its stimulus after last week’s bullish jobs data.
China’s leaders will unveil a reform agenda for the next decade on Tuesday, seeking to balance the need to overhaul the world’s second-largest economy as it loses steam with preserving stability.
“There is some caution ahead of policy announcements from China,” said a broker who declined to be identified.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 1 percent, or 200 yuan, to finish at 19,260 yuan ($3,200) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for December delivery last traded at 230.50 U.S. cents per kg, down 0.2 cent.
($1 = 99.2400 Japanese yen)
($1 = 6.0913 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Sunil Nair)
Source: Reuters
