TOCOM falls on oversupply concerns; Shanghai futures rise

Madiha Shakeel September 5, 2019

BEIJING:* Tokyo Commodity Exchange (TOCOM) futures fell on Thursday, despite a rise in Shanghai futures, as fears of an oversupply of the commodity continue to drag prices

* The benchmark TOCOM rubber contract for February delivery

finished 0.7 yen ($0.0066) lower at 165.7 yen per kg

* The most-active rubber contract on the Shanghai futures exchange for January delivery rose 55 yuan ($7.75) to finish at 12,060 yuan per tonne. China’s new technically specified rubber (TSR) 20 futures contract was last up 20 yuan at 10,310 yuan per tonne

* The U.S. dollar was quoted around 106.41 yen, compared with around 106.38 yen on Wednesday afternoon

* Oil prices eased on Thursday after a report showed U.S. crude inventories rose against expectations, even as Washington and Beijing confirmed they would hold ministerial level talks to try resolve a prolonged trade war

* Japan’s benchmark Nikkei stock average was up 2.12%

* TOCOM’s TSR 20 futures contract for March delivery closed up 0.2 yen at 141.2 yen per kg

* The front-month rubber contract on Singapore’s SICOM exchange for October delivery last traded at 133.2 U.S. cents per kg, up 0.1%

Copyright Reuters, 2019

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