Benchmark Tokyo rubber futures edged lower on Thursday as investors took profits after the yen gained ground against the dollar, but trade was light with investors looking to the Greek credit talks for clues on the currency’s outlook, dealers said. The Tokyo Commodity Exchange’s rubber contract for November delivery closed 1.2 yen, or 0.5 percent, lower at 228.4 yen ($1.86) per kg.
“Investors have been hesitant to take new positions this week as they saw risks of volatility in the currency market depending on the outcome of the US Federal Reserve’s meeting and Greek issue,” a Tokyo-based dealer said. The most-active rubber contract on the Shanghai futures exchange for September delivery fell 250 yuan, or 1.8 percent, to finish at 13,685 yuan ($2,204.27) per tonne. The front-month rubber contract on Singapore’s SICOM exchange for July delivery last traded at 156.8 US cents per kg, down 2.4 cent.
– Reuters
