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Tokyo rubber up




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

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