TOCOM posts first weekly gain in six weeks
Benchmark Tokyo rubber futures registered their first weekly gain in six weeks on Friday, supported late in the session by bullishShanghai futures, brokers said.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, touched five-month lows last week on concern over a supply glut in Asia.
The Tokyo Commodity Exchange rubber contract for October delivery finished 2.3 yen up at 217.3 yen per kg for a 0.6 percent weekly gain.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchangefell by 1.7 percent from last Friday, the exchange said.
The most active rubber contract on the Shanghai exchange, for September delivery, rose by 240 yuan to finish at 14,760 yuan ($2,141) a tonne.
The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 162 U.S. cents per kg, up 5 cents.
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