TOCOM falls in line with Shanghai futures on oversupply woes

Madiha Shakeel September 6, 2019

BEIJING:* Tokyo Commodity Exchange (TOCOM) futures fell on Friday, tracking Shanghai futures, as pressure from oversupply continues to weigh on prices

* The benchmark TOCOM rubber contract for February delivery

finished 0.7 yen ($0.0065) lower at 165 yen per kg

* The most-active rubber contract on the Shanghai futures exchange for January delivery fell 170 yuan  ($23.89) to finish at 11,930 yuan per tonne. China’s new technically specified rubber (TSR) 20 futures contract was last down 155 yuan at 10,190 yuan per tonne.

* The U.S. dollar was quoted around 107.04 yen, compared with around 106.92 yen on Thursday afternoon

* Oil prices were steady on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased as Washington and Beijing agreed to hold high-level talks next month

* Japan’s benchmark Nikkei stock average was down 0.54%

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

* The front-month rubber contract on Singapore’s SICOM exchange for October delivery last traded at 133.1 U.S. cents per kg, down 0.5%

Copyright Reuters, 2019

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