Rubber: TOCOM ends higher on weaker yen, low stocks

Toyo Tire

29/03/2017 08:13

TOKYO, March 29 (Reuters) - Benchmark Tokyo rubber futures 
extended gains on Wednesday as a weaker yen and low Japanese 
inventories helped support the market, brokers said.     
    Tokyo Commodity Exchange (TOCOM) futures, which set the tone 
for tyre rubber prices in Southeast Asia, have slightly 
recovered after hitting a four-month low on Monday. The prices 
are still down about 30 percent from a more-than-five-year high 
hit in late January as worries over supply shortage eased. 
    Vietnam exported 263,891 tonnes of rubber in January-March, 
up 12.6 percent from a year earlier, the government data showed 
on Wednesday.  urn:newsml:reuters.com:*:nL3N1H62A0     
    However, high rubber prices are still weighing on major 
users. Japan's Toyo Tire & Rubber Co  5105.T  said it would 
raise domestic tyre prices for passenger cars, trucks and buses 
by at least 5.5 percent to 10 percent to pass on higher natural 
rubber prices in a move that would follow domestic rivals. 
 urn:newsml:reuters.com:*:nL3N1H53A2  urn:newsml:reuters.com:*:nL3N1GE2T4 
    Crude rubber inventories at Japanese ports stood at 4,202 
tonnes as of March. 10, down 8.7 percent from the last inventory 
date, data from the Rubber Trade Association of Japan showed on 
Wednesday.  urn:newsml:reuters.com:*:nENNH3F0S6 
    The Tokyo Commodity Exchange rubber contract for September 
delivery  JRUc6   0#2JRU:  finished up 5.8 yen at 244 yen per 
kg. 
    The dollar pulled away from 4-1/2-month lows against a 
currency basket on Wednesday after solid data backed 
expectations for more U.S. interest rate hikes this year.  USD/  
    The most-active rubber contract on the Shanghai futures 
exchange for September delivery  SNRcv1  rose 315 yuan to finish 
at 16,615 yuan per tonne. 
    The front-month rubber contract on Singapore's SICOM 
exchange for April delivery  STFc1  last traded at 182 U.S. 
cents per kg, up 1.2 cent. 
 
 (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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