Tokyo rubber futures ended higher on Tuesday, helped by firmer oil, but further gains were capped as there was no fresh demand to push prices up, dealers said. The Tokyo Commodity Exchange rubber contract for December delivery rose 1.4 yen to settle at 199.4 yen ($1.96) per kg.
"TOCOM was supported by rising oil prices, but the market still lacked good news or brighter data from major consumers about rising demand to help prices substantially," said a Bangkok-based dealer. Dealers said TOCOM prices could be trapped in a narrow range, with the 200-yen level was seen as a major resistance.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 80 yuan to finish at 14,045 yuan ($2,300) per tonne. The front-month rubber contract on Singapore's SICOM exchange for August delivery was last traded at 166.0 US cents per kg, up 0.1 cent.
Comments
Comments are closed.