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TOCOM pares losses as Shanghai, oil rebound

Benchmark Tokyo rubber futures pared losses by the close on Thursday, reflecting a rebound in Shanghai counterparts and global oil prices.

The Tokyo Commodity Exchange rubber contract for December delivery finished 1 yen lower at 196.5 yen (US$1.73) per kg after touching a near one-week low of 193.5 yen in early trade.

"Once the selling pressure subsided, the market did not fall further," said a Tokyo-based broker. "The market was unable to go above 200 yen and was hovering in ranges."

The most-active rubber contract on the Shanghai futures exchange for September delivery rose 75 yuan to finish at 12,900 yuan (US$1,896) per tonne, after hitting near a one-week low touched on Tuesday.

The front-month rubber contract on Singapore's SICOM exchange for August delivery last traded at 147.90 US cents per kg, down 0.7 US cent.

(US$1 = 113.3300 yen)

(US$1 = 6.8042 Chinese yuan)