Tokyo Commodity Exchange (TOCOM) futures dropped on Tuesday, tracking weak Shanghai, and dragged by a decline in chemical and energy commodity futures in the Chinese market. The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 3.4 yen ($0.0306) lower at 187.6 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for September delivery fell 185 yuan ($27.57) to finish at 11,700 yuan per tonne. TOCOM's technically specified rubber (TSR) 20 futures contract for October delivery closed down 2.4 yen at 170.7 yen per kg.
The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 151 US cents per kg, down 0.4 percent. "Energy and chemical commodity futures fell in general from the rise yesterday, and affected rubber," said Zhu Ziyue, analyst with Hongyuan futures.
"Rubber prices will continue to fluctuate within a range, depending on prices of the raw material," Zhu said. The US dollar was quoted about 111.24 yen compared with about 111.47 yen on Monday afternoon. Oil prices hit near five-month highs on Tuesday as markets continued to tighten amid OPEC-led supply cuts, US sanctions against Iran and Venezuela, and escalating violence in Libya.
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