Benchmark Tokyo rubber futures closed higher on Tuesday but off a two-week high as the yen’s decline versus the dollar, which had stoked the recent rally, stalled and further buying withered as rubber prices hit a technical ceiling of 280 yen. 

The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM), for September delivery, rose 5.6 yen to settle at 275.9 yen ($2.8) per kg. 

It earlier climbed as high as 280.3 yen, the highest since March 28. 

The most-active rubber contract on the Shanghai Futures Exchange for September delivery advanced 200 yuan to 21,685 yuan ($3,500) per tonne. 

The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 255.00 US cents per kg, down 6.4 cents. 

Copyright Reuters, 2013


Please enter your comment!
Please enter your name here