Tokyo rubber futures were little changed in trades on Tuesday after hitting a one-month closing high the previous day. The benchmark Tokyo Commodity Exchange rubber contract for September delivery was trading at 287.7 yen per kg, up 0.2 percent or 0.6 yen. It has so far moved in a range of 286.3 and 288.5 yen.
On Monday, the contract rose one percent to 287.1 yen, the highest finish for any benchmark since February 27. Other contracts were up by 0.1 yen to 0.9 yen. Buying from investment funds at the beginning of Japan's new fiscal year, inspired by bullish signs in technical charts, supported the TOCOM market.
But gains were limited as crude oil came under pressure on signs of easing tension between the West and Iran, the world's number four oil exporter. Iran said on Monday the stand-off over 15 British sailors and marines seized in the Gulf could be resolved without a trial.
Britain responded by saying it also wanted talks to resolve the 11-day crisis. US crude oil futures traded at around $65.50 a barrel, lower than $65.94 in New York on Monday. Investors also kept an eye on the dollar/yen rate as a clue for market direction. The dollar was little changed near 117.85 yen after hovering between 118.08 yen and 117.50 yen on Monday.
Comments
Comments are closed.