TOKYO, Sept 14 (Reuters) – Benchmark Tokyo rubber futures ended up 2.5 percent on Wednesday as the yen fell to a one-week low against the dollar after a report that the Bank of Japan is mulling further monetary easing. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, also got support from firm Shanghai futures, but the gains were limited by steep oil price losses overnight despite some rebound on Wednesday.
The U.S. dollar was quoted around 102.83 yen JPY= , compared with around 101.80 yen on Tuesday afternoon. USD/ Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.6 percent from last Friday, the exchange said on Wednesday. The Tokyo Commodity Exchange rubber contract for February delivery JRUc6 0#2JRU: finished 3.9 yen higher at 157.8 yen ($1.53) per kg. “Despite the gains, the market stayed in the recent ranges amid a lack of fresh incentives,” said a Tokyo-based dealer.
The most-active rubber contract on the Shanghai Futures Exchange for January delivery SNRcv1 rose 105 yuan to finish at 12,530 yuan ($1,878) per tonne. The front-month rubber contract on Singapore’s SICOM exchange for October delivery STFc1 last traded at 131.80 U.S. cents per kg, down 0.3 cent.
($1 = 103.1900 yen) ($1 = 6.6714 Chinese yuan)
(Reporting by Osamu Tsukimori; Editing by Sunil Nair)