Benchmark Tokyo rubber futures rose for a second day on Friday, following a stronger Shanghai market, but it booked a third weekly loss as investors were reluctant to step up buying after seeing a 13-month high last week, dealers said. The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery finished 1.5 yen, or 0.7 percent, higher at 219.2 yen ($1.82) per kg. But the contract marked a 0.5 percent loss for the week.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 90 yuan to finish at 13,895 yuan ($2,242.14) per tonne. The front-month rubber contract on Singapore's SICOM exchange for June delivery last traded at 156.0 US cents per kg, up 2.3 cents. TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, had gained 17 percent since April's low to hit a 13-month high last week, buoyed by aggressive buying from Chinese funds, but the market came under pressure this week amid worries about weaker demand in China, the world's top buyer.
Comments
Comments are closed.