TOKYO (July 25): Benchmark Tokyo rubber futures rose on Wednesday, snapping a four-session losing streak and recovering from a 22-month low hit the previous day, helped by gains in Shanghai futures and as investors looked for bargains.
“We’ve seen some position adjustments ahead of the near-term contract’s expiration,” a Tokyo-based dealer said, adding that the market has been oversold and Shanghai gains also lent support.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, had hit their lowest since Oct 5, 2016 on Tuesday, dragged down by concerns over escalating US-China trade spats.
The TOCOM rubber contract for December delivery finished 2.1 yen, or 1.3%, higher at 168.4 yen (US$1.52) per kg.
