Benchmark Tokyo rubber futures ended up 2.1 percent at an eight-month high on Wednesday supported by strong Shanghai futures as a slide in oil prices that pared most of the previous day's gains did little to dent market sentiment, sources said. "TOCOM followed overnight gains in Shanghai futures, and despite the oil price decline, the market momentum remained positive," said a source with a Tokyo-based dealer. "Today's gains suggest a sign of improved market sentiment, but there's no clear change in market supply/demand picture."
The Tokyo Commodity Exchange rubber contract for September delivery finished 3.9 yen higher at 193.8 yen per kg, the highest close since Aug. 14, 2015. It hit an intraday high of 198 yen, the highest since Aug. 11 last year. The most-active rubber contract on the Shanghai Futures Exchange for September delivery rose 495 yuan to finish at 13,170 yuan ($2,037) per tonne. The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 153.50 US cents per kg, up 3.3 cents.
Comments
Comments are closed.