Rubber rises on Oct.7
Benchmark TOCOM rubber futures hit a 5-month high on Friday, rising for a fifth day in a row and posting a more than 6 percent weekly gain, as higher oil and firm yen raised investors' risk appetite amid concerns over supply shortage in Japan.
The Tokyo Commodity Exchange rubber contract for March delivery closed 1.8 yen, or 1 percent, higher at 173.7 yen ($1.67) per kg, after hitting the highest since May 13 of 175.3 yen earlier in the session. It rose for a fifth straight session, the longest winning streak since early March. Chinese markets were shut this week for National Day holidays. Japanese markets will be closed on Monday for a public holiday. The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 145.8 US cents per kg, up 1.4 cent.
- Tireworld Insight: Domestic tire makers eye overseas expansion
- Tireworld Insight: Price disparity severe between China's rubber exports and imports
- Tireworld Insight: China tire exports dependent on US market performance
- Tireworld Insight: SHFE rubber expected to move in tight range in short-term
- Tireworld Insight: Rubber futures to test near-term resistance at 15,000 yuan/tonne
- Tireworld Insight: China’s tire industry on track of rapid growth
