Benchmark Tokyo rubber futures climbed on Friday, following sharp gains in the near-term contract and on stronger oil prices, but booked their first weekly loss in four amid lingering worries over US-Sino trade disputes and slowing global economic growth.
Oil prices rose more than 1 percent on Friday as turmoil in Venezuela triggered concerns that its crude exports could soon be disrupted.
The Tokyo Commodity Exchange rubber contract for June delivery finished 1.5 yen, or 0.8 percent, higher at 182.8 yen ($1.67) per kg.
The TOCOM futures, which sets the tone for rubber prices in Southeast Asia, lost 1.8 percent for the week.
TOCOM's January contract, which has seen volatile trading in recent weeks, expired on Friday at 199.5 yen, up 4.5 percent.
"A surge in the January contract, pushed by speculators' purchases, drove the broad TOCOM market," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
"Market direction next week will depend on how a new July contract will be traded," he said, adding that a 180 yen mark will be a key support.
Markets are bracing for next week's trade talks between the United States and China.
Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the next round of trade negotiations with Washington.
The two sides are "miles and miles" from resolving trade issues but there is a fair chance they will get a deal, US Commerce Secretary Wilbur Ross said on Thursday.
TOCOM's technically specified rubber (TSR) 20 futures contract for July delivery rose 1.2 percent to 154.3 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 10 yuan to finish at 11,610 yuan ($1,718) per tonne.
Comments
Comments are closed.