BANGKOK: Tokyo rubber futures slipped and stayed near a one-week low on Monday as a stronger yen encouraged players to liquidate contract to stop losses, dealers said.
However, trading was thin as China, the world’s biggest rubber consumer, was closed on Monday for a public holiday, they said.
The Tokyo Commodity Exchange rubber contract for February delivery was down 1.1 yen to settle at 196.6 yen per kg.
It fell to an intra-day low of 196.1 yen, the lowest since Sept. 2.
“Investors sold contract to stop losses as they saw the yen rising against the dollar,” said a Bangkok-based dealer.
The dollar was down 0.21 percent to 105.035 yen on Friday after it touched a near six-year high of 105.71 yen.
China’s financial markets are closed on Monday, Sept. 8, for the Mid-Autumn Festival holiday and will resume trading on Tuesday.
The front-month rubber contract on Singapore’s SICOM exchange for October delivery was last traded at 160.2 U.S. cents per kg, down 0.7 cent.
– Reuters
