Tokyo rubber futures hit another record

The most active rubber contract on the Tokyo Commodity Exchange briefly hit a another record around 400 yen a kg on Tuesday on persistent supply fears, but trading was thin ahead of the Federal Reserve's policy meeting. TOCOM's May rubber contract hit a high at 400.1 yen a kg before settling at 396.1 yen, up 0.6 yen from previous settlement.
"Although TOCOM is taking cue from weather concerns and supply shortfall, players will also closely monitor the FOMC meeting," said a dealer in Singapore, adding that speculators booked profits after sending the price to a record. The most active May Shanghai rubber futures, which tracked Tokyo futures, ended at 35,535 yuan a tonne, up from Monday's close of 35,320 yuan. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.9 percent from a week earlier, the exchange said on Friday.