Tokyo rubber falls on Aug. 29
Tokyo Commodity Exchange (TOCOM) futures fell on Wednesday, after investors took profits from early gains and as a stronger yen against the US dollar weighed on market sentiment, dealers said. The benchmark TOCOM rubber contract for February delivery finished 1.6 yen, or 1.0%, lower at 162.2 yen ($1.54) per kg. It earlier rose to as high as 167.4 yen, but revered gains in late trade.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 155 yuan to finish at 11,680 yuan ($1,647) per tonne. China's new technically specified rubber (TSR) 20 futures contract was last up 55 yuan at 9,970 yuan per tonne.
"Shanghai market apparently has hit the bottom, backed by China's stimulus to enhance purchases of automobiles," a Tokyo-based dealer said.
TOCOM's TSR 20 futures contract for February delivery closed steady at 141.0 yen per kg.
The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 129.9 US cents per kg, up 0.3%. China unveiled measures on Tuesday to help boost consumption, including the possible removal of restrictions on auto purchases, as growth in the world's second-biggest economy falters amid mounting US trade pressures.
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