Tokyo rubber drops to 2-week low on July 31
Tokyo Commodity Exchange (TOCOM) futures dropped to a 2-week low on Wednesday as investors were concerned that southeast Asia producers Indonesia and Malaysia may boost exports after ending their export curb.
The benchmark TOCOM rubber contract for January delivery finished 0.9 yen, or 0.5%, lower at 177.0 yen ($1.63) per kg, after hitting the lowest since July 16 of 174.5 yen earlier in the session.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 85 yuan to finish at 10,740 yuan ($1,560) per tonne.
TOCOM's technically specified rubber (TSR) 20 futures contract for January delivery closed down 1.6% at 150.8 yen per kg, after remaining at 153.3 yen for six straight days. The TSR August contract expired at 152.0 yen on Wednesday. The front-month rubber contract on Singapore's SICOM exchange for August delivery last traded at 133.2 US cents per kg, down 1.1%. It was hovering at the lowest since Feb. 15.
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