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Tokyo rubber futures rose to a one-month high on Monday on speculative buying, supported by promising Chinese economic data and firm oil prices, but profit-taking limited gains, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for May delivery was up 4.6 yen to settle at 263.7 yen ($3.20) per kg.

It rose to an intra-day high of 263.8 yen, the highest since October 29. The most-active rubber contract on the Shanghai futures exchange for May delivery was up 355 yuan to finish at 24,300 yuan ($3,900) per tonne.

The front-month January rubber contract on Singapore's SICOM exchange was last traded at $2.84 per kg. "Chinese data raised hopes on demand and spurred buying on TOCOM, but gains were still capped as small investors took profit," said a Bangkok-based dealer. Dealers said TOCOM prices could rise further on Tuesday as technical sentiment improved after prices broke above a major resistance of 260 yen per kg. China's official manufacturing purchasing managers' index rose to a seven-month high of 50.6 in November from 50.2 in October, the National Bureau of Statistics said on Saturday.

Copyright Reuters, 2012


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