TOCOM extends gains on firm Shanghai

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TOKYO (Feb 14): Benchmark Tokyo rubber futures hit a near two-week high on Tuesday, stretching gains into a third straight session, on the back of firm Shanghai futures.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, caught up with Shanghai futures by the close, though buyers were initially reluctant to buy amid weak Japanese equities, a Tokyo-based broker said.

The Tokyo Commodity Exchange rubber contract for July delivery finished 0.4 yen higher at 326.4 yen (US$2.88) per kg after touching a near two-week high in the night session.

The most-active rubber contract on the Shanghai futures exchange for May delivery rose 330 yuan to finish at 22,015 yuan (US$3,206) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 229.70 US cents per kg, down 0.5 US cents.

(US$1 = 6.8678 Chinese yuan)
(US$1 = 113.4900 yen)