Tokyo Commodity Exchange (TOCOM) futures climbed on Wednesday, as investors unwound short positions after the United States said it would delay tariffs on some Chinese products, easing fears over slowing global demand in top buyer China. The benchmark TOCOM rubber contract for January delivery finished 2.0 yen, or 1.2%, higher at 168.6 yen ($1.58) per kg.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 100 yuan to finish at 11,525 yuan ($1,643) per tonne. China's new technically specified rubber (TSR) 20 futures contract was last up 140 yuan at 9,995 yuan per tonne. TOCOM's TSR 20 futures contract for February delivery closed up 2.2% at 146.0 yen per kg. The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 131.0 US cents per kg, up 1.3%.
US President Donald Trump on Tuesday backed off his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on US holiday sales.
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