Rubber: TOCOM ends down on profit-taking, tracking Shanghai futures

Sumitomo Rubber Industries

15/02/2017 07:46

TOKYO, Feb 15 (Reuters) - Benchmark Tokyo rubber futures 
ended down on Wednesday as investors locked in profits from 
recent gains, taking a cue from weak Shanghai futures. 
    Tokyo Commodity Exchange (TOCOM) futures, which set the tone 
for tyre rubber prices in Southeast Asia, pared early declines 
of more than 3 percent as the dollar held gains near a 
3-1/2-week high after Federal Reserve Chair Janet Yellen 
signalled a faster pace of U.S. interest rate hikes.  USD/  
    TOCOM futures slumped around 13 percent from their highest 
levels in more than five years hit late last month, but recent 
gains have been weighing on tyre manufacturers, industry sources 
said. 
    Sumitomo Rubber Industries Ltd  5110.T  said on Tuesday the 
surging cost of raw materials would likely impact earnings in 
2017, as Japan's second-largest tyre maker forecast a more than 
30 percent fall in full-year operating profit.  urn:newsml:reuters.com:*:nL4N1FZ3PZ 
    The Tokyo Commodity Exchange rubber contract for July 
delivery  JRUc6   0#2JRU:  finished down 6.7 yen at 319.7 yen  
($2.80) per kg. 
    The most-active rubber contract on the Shanghai futures 
exchange for May delivery  SNRcv1  dropped 340 yuan to finish at 
21,550 yuan ($3,138) per tonne. 
    The front-month rubber contract on Singapore's SICOM 
exchange for March delivery  STFc1  last traded at 227.40 U.S. 
cents per kg, down 4.2 cents. 
     
    ($1 = 6.8668 Chinese yuan) 
    ($1 = 114.3300 yen) 
     
 
 (Reporting by Osamu Tsukimori; Editing by Sherry 
Jacob-Phillips) 
 ((osamu.tsukimori@thomsonreuters.com, +813 6441 1857, Reuters 
Messaging: osamu.tsukimori.thomsonreuters.com@reuters.net;)) 
  
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