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TOCOM sheds early losses on firm oil prices

Benchmark Tokyo rubber futures shed early losses to end 0.8 percent higher on Wednesday, buoyed by slight gains in oil prices and as investors looked for bargains after a near 4 percent tumble in the previous session.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, managed to stay higher despite sluggishShanghai futures and a stronger yen against the dollar, which makes yen-denominated assets more expensive in other currencies, brokers said.

The Tokyo Commodity Exchange rubber contract for December delivery finished 1.5 yen higher at 197.5 yen ($1.74) per kg. During the night trade, it hit 194.2 yen, its lowest in nearly a week.

The most-active rubber contract on the Shanghai futures exchange for September delivery fell 225 yuan to finish at 12,830 yuan ($1,888) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for August delivery last traded at 147 U.S. cents per kg, down 1.6 cents. ($1 = 113.2800 yen) ($1 = 6.7968 Chinese yuan)