TOCOM ends at 1-month low, pressured by Shanghai

TOCOM ends at 1-month low, pressured by Shanghai
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TOKYO (Feb 21): Benchmark Tokyo rubber futures ended down 1% at a one-month low on Tuesday, losing for a fifth straight session, pressured by a fall in Shanghai futures, dealers said.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have fallen around 20% from a more-than-five-year high hit last month as supply concerns eased after Thailand announced sales from stockpiles following recent floods.

However, high natural rubber prices have been weighing on the earnings of tyre makers.

The Tokyo Commodity Exchange rubber contract for July delivery finished 3 yen lower at 292 yen (US$2.57) per kg, the lowest settlement since Jan 23.

The most-active rubber contract on the Shanghai Futures Exchange for May delivery fell 110 yuan to finish at 20,090 yuan (US$2,918) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 215.7 US cents per kg, down 1.3 US cent.

(US$1 = 6.8857 Chinese yuan)
(US$1 = 113.5300 yen)