Key Tokyo rubber futures settled slightly higher on Monday after moving in a tight range with large-lot investors taking a wait-and-see stance ahead of US jobs data due later this week. The key Tokyo Commodity Exchange rubber contract for February delivery settled up 0.8 percent, or 3 yen, at 363.9 yen per kg.
The most active Shanghai rubber contract for January delivery rose 0.3 percent to close at 33,155 yuan per tonne. Volume stood at 422,704 lots. "As the market is barely moving, large-lot investors are being forced to take a wait-and-see stance, unable to close their positions or open fresh ones," said Naoki Asami, chief broker at trading house Kanetsu.
"They are waiting to see the US jobs data due out early next month and US monetary policy," he said, adding that the market could gain momentum if it breaks its current tight range of between 350 yen and 370 yen.
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