Tokyo rubber futures ended slightly higher on Wednesday, but the upside was still limited as investors were reluctant to take positions as the yen was volatile, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery rose 0.5 yen to settle at 332.1 yen per kg.
"Investors hesitated to take any position as the yen was volatile, but overall sentiment was not bad as prices stayed near 10-month highs," said a Bangkok-based trader. Last week, a fall in the yen versus the dollar helped the contract rise to 337.8 yen, the highest for any benchmark since late March 2012.
The yen, which has slumped nearly 20 percent against the dollar since November, held firm in Asian trading on Wednesday, having swung sharply higher as investors cut bearish positions after an official from the Group of Seven cited concerns about excessive movements in Japan's currency.
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