Benchmark Tokyo rubber futures inched higher on Friday, after falling earlier in the session but scored their first weekly drop in four weeks due to profit-taking. The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery finished 0.3 yen, or 0.1 percent, higher at 222.7 yen ($1.85) per kg. It earlier touched a one-week low of 217.6 yen. Dealers said the yen's drop versus the US dollar prompted fresh buying in late trade, helping the market to rebound.
"Since the market has climbed quite rapidly in recent weeks, there were both sells and buys as investors tried to adjust their positions," Jiong Gu, analyst at Yutaka Shoji Co, said. The most-active rubber contract on the Shanghai futures exchange for September delivery fell 175 yuan to finish at 14,650 yuan ($2,359.71) per tonne. The front-month rubber contract on Singapore's SICOM exchange for June delivery last traded at 152.7 US cents per kg, up 0.3 cent.
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