Tokyo rubber futures rose more than 2 percent on Friday on the back of a weaker yen, but gains were curbed by slightly softer oil prices and profit-taking. The benchmark rubber contract on the Tokyo Commodity Exchange for November delivery rose 7.7 yen, or 2.3 percent, to settle at 339.7 yen ($3.14) per kg.
The yen was at 108.01 per dollar, hovering near a four-month low of 108.08 hit on Thursday as investor sold the yen to book profits from the dollar rally this week before a gathering of Group of Eight finance ministers in Japan this weekend.
US crude oil eased to $136.61 a barrel on Friday after a volatile previous session when the market grappled with supply worries in Nigeria, the world's eighth-largest producer, and a firmer US dollar.
TOCOM prices were expected to rise further next week, supported by falling China rubber stocks, which signalled that rubber demand remained strong, dealers said. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 5 percent in the week ended on Thursday to 18,020 tonnes from 18,995 tonnes the week before, the exchange said on Friday.
Comments
Comments are closed.