TOCOM ends at one-week high on oil price gains

TOCOM ends at one-week high on oil price gains
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TOKYO (March 15): Benchmark Tokyo rubber futures closed up 1.5% at a one-week high on Wednesday, buoyed by a jump in oil prices, which had tumbled to a three-month low in the previous session.

Healthy gains in crude prices helped ease the downward pressure on rubber prices after touching a 2½-month low last week, said a Tokyo-based broker.

Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in US crude stockpiles and as Goldman Sachs put a positive spin on OPEC's compliance with output cuts.

The Tokyo Commodity Exchange (TOCOM) rubber contract for August delivery finished up 4 yen at 266 yen (US$2.32) per kg.

The most-active rubber contract on the Shanghai futures exchange for May delivery rose 15 yuan to finish at 17,715 yuan (US$2,563) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for April delivery last traded at 199.7 US cents per kg, up 3 US cents.

(US$1 = 114.6500 yen)
(US$1 = 6.9126 Chinese yuan)