Benchmark Tokyo rubber futures gave up early gains to close slightly lower on Wednesday as investors took profits after Shanghai lost steam. The Tokyo Commodity Exchange (TOCOM) rubber contract for June delivery finished 0.8 yen, or 0.3 percent, lower at 256.4 yen ($2.18) per kg after rising to a high of 266.4 yen earlier in the session.
"The TOCOM pared earlier gains as Shanghai lost ground," said Hiroyuki Kikukawa, general manager of research at Nissan Securities. The most-active rubber contract on the Shanghai futures exchange for May delivery surged overnight to 18,345 yuan ($2,637.48) per tonne, but surrendered some gains during day trading on profit-taking, to finish up 115 yuan at 17,705 yuan. The front-month rubber contract on Singapore's SICOM exchange for January delivery last traded at 184.0 US cents per kg, down 2.5 cents.
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