Benchmark Tokyo rubber futures edged higher on Wednesday, as short-covering wiped out losses in early afternoon linked to weaker Shanghai futures and a firmer yen. The Tokyo Commodity Exchange rubber contract for September delivery finished 0.6 yen, or 0.3 percent, higher at 177.5 yen ($1.58) per kg. It earlier slid to a low of 175.8 yen.
The most-active rubber contract on the Shanghai futures exchange for September delivery lost 140 yuan to finish at 11,370 yuan ($1,755.23) per tonne.
"The rubber market has been gradually rising since hitting February's low, but there is a resistance at around 180 yen," a Tokyo-based dealer said.
The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have gained more than 20 percent since a February low of 144.5 yen, helped by the dry wintering season and reduced exports by Asian rubber producers.
The front-month rubber contract on Singapore's SICOM exchange for April delivery last traded at 130.3 US cents per kg, up 0.3 cent.
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