Benchmark Tokyo rubber futures closed higher on Tuesday, recovering from a drop in early trade, tracking Shanghai market. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, have been fluctuating within a narrow range in the recent weeks, mainly tracking Shanghai.
The Tokyo Commodity Exchange rubber contract for January delivery finished 0.8 yen ($0.0072) higher at 170.4 yen per kg. The most-active rubber contract on the Shanghai futures exchange for September delivery fell 20 yuan ($2.93) to finish at 10,340 yuan per tonne.
The front-month rubber contract on Singapore's SICOM exchange for August delivery last traded at 129.3 US cents per kg, down 2.4 cents. "Fundamentals for rubber have been quite weak recently as the stocks remain high and demand is still flat," said Hu Haitao, researcher, Yinglu Asset Management (Shanghai) Co. Ltd.
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