Rubber drops
Benchmark Tokyo rubber futures inched lower on Friday, weighed down by a sharp selloff in Shanghai futures, but higher crude oil capped losses, helping it book a second weekly gain, dealers said. The Tokyo Commodity Exchange (TOCOM) rubber contract for August delivery finished 0.4 yen, or 0.3 percent, lower at 155.6 yen ($1.38) per kg. For the week, the TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, gained 1.6 percent.
The most-active rubber contract on the Shanghai futures exchange for May delivery tumbled 305 yuan to finish at 10,360 yuan ($1,584.61) per tonne. The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 109.0 US cents per kg, down 1.9 cent. "An increase in inventories also dragged on the TOCOM prices," said Satoru Yoshida, commodity analyst at Rakuten Securities. Crude rubber inventories at Japanese ports stood at 13,887 tonnes as of February 10, up 7.9 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Friday.
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