TOCOM rises slightly on firm Shanghai on Nov.26
Benchmark Tokyo rubber futures rose slightly on Monday on strong Shanghai, despite a widespread fall in major commodities.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, have been pressured by weak fundamentals in recent weeks.
“Compared with other commodities, there is not much room for rubber to keep falling,” said Shen Xiaoxia, an analyst with Zheshang Futures.
The Tokyo Commodity Exchange rubber contract for April delivery finished 0.5 yen ($0.0044) higher at 155.2 yen per kg.
TOCOM’s technically specified rubber (TSR) 20 futures contract for May delivery rose 1.7 yen to close at 143.9 yen per kg.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 240 yuan ($34.61) to finish at 10,940 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for December delivery last traded at 122.2 U.S. cents per kg, up 0.5 cent.
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