Thursday, August 24, 2017

TOCOM climbs on position adjustments ahead of Aug expiry

Benchmark Tokyo rubber futures climbed in light trade on Thursday as investors made position adjustments ahead of the near-term contract's expiration.
The Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery finished 0.8 yen higher at 216.6 yen (US$1.98) per kg.
The TOCOM's August contract is due to expire on Friday.
The most-active rubber contract on the Shanghai futures exchange for January delivery fell 65 yuan to finish at 16,420 yuan (US$2,465) per tonne.
"The TOCOM stayed in a narrow range as there were no fresh news," a Tokyo-based dealer said.
Oil was steady on Thursday, holding gains from the previous session after another fall in US crude inventories indicated a tighter market, and as a tropical storm was heading for oil-producing facilities in the Gulf of Mexico.
But Chinese nickel futures surged on Thursday to a near six-month high on the back of strong gains in overnight London Metal Exchange prices amid supply concerns and declining inventories.
Japan's Nikkei share average fell to a 3½-month low on Thursday, dragged down by Wall Street losses, a stronger yen and steel makers after reports that the country's biggest producer was cutting prices.
The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 153.1 US cents per kg, down 0.5 cent.

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