Benchmark Tokyo rubber futures rose on Friday as investors unwound short positions backed by higher oil prices and a weaker yen against the US dollar, but still booked a weekly loss for the third straight week. "On top of the dollar's gain, stronger oil prices helped boost risk appetite among investors," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
The Tokyo Commodity Exchange (TOCOM) rubber contract for July delivery finished 3.4 yen, or 1.8 percent, higher at 196.9 yen ($1.79) per kg. However, for the week, it fell 4 percent, marking a third consecutive weekly loss. The most-active rubber contract on the Shanghai futures exchange for May delivery fell 20 yuan to finish at 13,005 yuan ($2,070) per tonne.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.7 percent from last Friday, the exchange said on Friday. The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 148.7 US cents per kg, down 0.3 cent.
Automakers posted mixed US new vehicle sales data for January, with American consumers showing little sign they will stop abandoning passenger cars for the larger pickup trucks, SUVs and crossover models that manufacturers also love because they are far more profitable. Oil rose for a third day on Friday after a survey showed strong compliance with output cuts by Opec and others including Russia, offsetting concerns about surging US production.
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