TOCOM ends up nearly 3% on Shanghai jump
Benchmark Tokyo rubber futures closed nearly 3% higher on Wednesday, rebounding from a four-month low hit in the previous session, as Shanghai futures jumped and the yen weakened against the dollar, brokers said.
The dollar added 0.2% to 113.85 yen, but remained shy of a three-month high of 114.45 yen hit on Friday. A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies.
The Tokyo Commodity Exchange rubber contract for April delivery finished 5.6 yen higher at 198.4 yen (US$1.74) per kg. It touched a four-month intraday low on Tuesday, dragged lower by weak Shanghai futures as worries over sluggish demand weighed on sentiment.The most-active rubber contract on the Shanghai futures exchange for January delivery rose 325 yuan to finish at 13,595 yuan (US$2,055) per tonne.
The new front-month rubber contract on Singapore's SICOM exchange for December delivery last traded at 141.2 US cents per kg, down 0.1 cent.
(US$1 = 6.6147 Chinese yuan)
(US$1 = 113.8400 yen)
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