Tokyo rubber rebounds in active short-covering

Tokyo rubber futures rebounded on Thursday in active short-covering active after the market had slid to a one-week low the previous day brokers said.
The benchmark November contract on the Tokyo Commodity Exchange (TOCOM) ended up 1.0 yen per kg at 154.1, after trading between 153.6 and 154.3.
The contract hit a life low of 153.1 yen on Tuesday, the lowest for TOCOM benchmark rubber since May 19. "The market rebounded as short position holders bought back the contract after prices had come close to the bottom of recently traded ranges," one broker said.
The spot June contract ended up 1.9 yen at 157.7, with remaining months gaining 1.3 to 2.7 yen. The market has gone into backwardation since last week on tightness of physical supplies.