Tokyo rubber edges higher on June 12
Tokyo Commodity Exchange (TOCOM) futures inched higher on Wednesday, but lower oil prices and weak Shanghai capped gains. The benchmark TOCOM rubber contract for November delivery finished 0.3 yen ($0.0028) higher at 204.9 yen per kg. The most-active rubber contract on the Shanghai Futures Exchange for September delivery fell 155 yuan ($22.41) to finish at 12,190 yuan per tonne.
TOCOM's technically specified rubber (TSR) 20 futures contract for December delivery closed down 0.4 yen at 165.3 yen per kg. The front-month rubber contract on Singapore's SICOM exchange for July delivery last traded at 154.1 US cents per kg, down 0.8%. The US dollar was quoted around 108.28 yen, compared with around 108.5 yen on Tuesday afternoon.
Oil prices fell nearly 2% on Wednesday, weighed down by a weaker demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts. Japan's benchmark Nikkei stock average was down 0.35%.
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