TOKYO: Japanese rubber futures rose for a third day on Friday as higher physical prices in Southeast Asia boosted sentiment and encouraged fresh buying while a firmer Shanghai market also lent support.
Osaka Exchange’s rubber contract for June delivery finished 2.1 yen, or 0.9%, higher at 246.5 yen ($2.2) per kg, close to Thursday’s peak of 247.4 yen, its highest since Dec 2.
For the week, the benchmark booked its third straight weekly increase with a 2.1% gain.
“There was no fresh fundamental news, but higher physical prices encouraged buying in the futures markets,” a Tokyo-based dealer said, adding that the Shanghai market crossing the upper resistance level of 15,000 yuan also strengthened buying interest.
Weakness in the U.S. dollar, which helped to buoy global commodity prices, also provided psychological support, he said.
The rubber contract on the Shanghai futures exchange for May delivery rose 75 yuan to finish at 15,185 yuan ($2,392) a tonne after hovering near a six-week high hit the previous day.
Comments
Comments are closed for this article.