Tokyo rubber hits two-week high on Aug.6
Benchmark Tokyo rubber futures rose to a two-week high on Monday, backed by a rally in Shanghai futures, but concerns over Sino-US trade friction capped gains, dealers said. The Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery finished up 2.2 yen, or 1.3 percent, at 170.5 yen ($1.53) per kg. Earlier in the session, it hit the highest since July 23 of 171.2 yen.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 235 yuan to finish at 12,150 yuan ($1,775) per tonne.
The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 132.0 US cents per kg, up 0.6 cent. "Higher Shanghai market and a break in the yen's rally against the US dollar helped rubber prices," said Hiroyuki Kikukawa, general manager of research, Nissan Securities.
The yen slightly weakened against the dollar to 111.34 yen on Monday, after rising 0.4 percent on Friday amid worries about Sino-US trade tensions as China proposed retaliatory tariffs on $60 billion worth of US goods such as liquefied natural gas and aircraft.
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