Tokyo rubber higher; Shanghai slips

Tokyo rubber futures were higher on Thursday, supported by firm oil prices but upside was still capped by profit-taking, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for February delivery rose 3.8 yen to settle at 369.9 yen ($4.7) per kg. It briefly broke above a key psychological level of 370.0 yen before profit-taking set in.
The most-active Shanghai rubber contract for January delivery slipped 70 yuan to finish at 33,765 yuan ($5,280)per tonne. "TOCOM lacked the follow-through buying force to stay above 370 yen as investors took profit. However, TOCOM could rise again tomorrow if oil prices remain firm," one dealer said.