Friday, October 13, 2017

TOCOM snaps 5-day losing streak on firmer Shanghai

Benchmark Tokyo rubber futures snapped a five-day losing streak on Friday, pulling away from a three-month low scaled a day earlier, on the back of higher Shanghai futures prices, brokers said.

The Tokyo Commodity Exchange rubber contract for March delivery finished 4.5 yen higher at 201.7 yen ($1.80) per kg. For the week, it fell 2.7 percent after it touched a three-month low of 195.1 yen in the previous session.

The most-active rubber contract on the Shanghai futures exchange for January delivery rose 330 yuan to finish at 13,575 yuan ($2,062) per tonne.

Shanghai futures got support after China's trade data showed on Friday that the country's natural and synthetic rubber imports rose 34.7 percent to 660,000 tonnes last month from a year earlier.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.6 percent from the last release on Sept. 29, the exchange said on Friday

The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 145.60 U.S. cents per kg, up 1.4 cent.

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