TOKYO: Japanese rubber futures edged higher on Wednesday, as investors looked for bargains after a sharp sell-off in the previous session, amid hopes that Covid-19 vaccines will help improve global economy and commodity demand next year.
As regulatory approval of Covid-19 vaccines has raised hopes Osaka Exchange’s rubber contract for new June delivery finished at 230.0 yen ($2.2) per kg, up 0.6 yen, or 0.3%, from an opening price of 229.4 yen. The benchmark contract tumbled 6.8% on Tuesday. The rubber contract on the Shanghai futures exchange for May delivery fell 285 yuan to finish at 14,105 yuan ($2,158) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for January delivery last traded at 150.2 US cents per kg, down 0.5%.
The OSE’s December contract expired on Tuesday at 292.0 yen per kg.—Reuters
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