Benchmark Tokyo rubber futures ended lower on Tuesday, after hitting a nearly four-month high earlier in the session, as investors locked in profits from the recent rally while Shanghai futures pared early gains. The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery finished 1.0 yen lower at 199.0 yen ($1.79) per kg. Earlier in the session, it hit its highest since Jan. 29 on the back of firm oil prices and stronger Shanghai futures.
The most-active rubber contract on the Shanghai futures exchange for September delivery climbed 70 yuan to finish at 12,155 yuan ($1,906) per tonne, paring some of its early gains, but still hovered near a two-month-high hit in the previous session. The front-month rubber contract on Singapore's SICOM exchange for June delivery last traded at 146.7 US cents per kg, down 0.4 cent.
The recent gains in the TOCOM futures, which set the tone for rubber prices in Southeast Asia, were also supported by a yen's gradual decline against the US dollar, said Hiroyuki Kikukawa, general manager of research, Nissan Securities.
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