Benchmark Tokyo rubber futures rose to a four-week high on Monday as investors unwound short positions after risk aversion eased in the wake of a sharp rise in oil prices last Friday, while firmer Tokyo equities also supported sentiment. The Tokyo Commodity Exchange rubber contract for June delivery finished 1.9 yen, or 1.8 percent, higher at 163.2 yen ($1.38) per kg. The January contract expired at 153.8 yen on Monday.
The benchmark contract got off to a strong start, hitting a high of 166.3 yen, the highest since December 24, but it ran out of steam later as some investors were hesitant to take fresh positions ahead of the US and Japanese central bank meetings due later in the week, dealers said.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 10 yuan to finish at 10,320 yuan ($1,568.58) per tonne.
The front-month rubber contract on Singapore's SICOM exchange for February delivery last traded at 110.1 US cents per kg, down 0.1 cent.
Comments
Comments are closed.