TOCOM ends 8-day losing streak on weak yen, short-covering

Benchmark Tokyo rubber futures snapped an eight-day losing streak on Friday as the yen weakened against the dollar and on some short-covering ahead of the weekend, traders said.

Benchmark Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, fell 3.6 percent for the week, and were close to a seven-month low hit on Wednesday.

"TOCOM rose on a weaker yen and short-covering because some participants had been building up sell positions," said a Tokyo-based broker.

A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies.

The Tokyo Commodity Exchange rubber contract for November delivery finished 5.4 yen higher at 187 yen ($1.69) per kg.

The most-active rubber contract on the Shanghai futures exchange for September delivery rose 55 yuan to finish at 12,475 yuan ($1,835) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for July delivery last traded at 139.10 U.S. cents per kg, down 0.5 cent. ($1 = 110.4000 yen) ($1 = 6.7972 Chinese yuan)