Benchmark Tokyo rubber futures rebounded on Wednesday as investors covered short positions in early trade, but gains were capped by profit-taking after Shanghai futures lost ground. The Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery finished 0.7 yen, or 0.3 percent, higher at 241.1 yen ($1.95) per kg. It earlier rose to as high as 245.0 yen, but came under pressure due to profit-taking in late trade, following a decline in Shanghai futures, dealers said.
The most-active rubber contract on the Shanghai futures exchange for September delivery fell 390 yuan to finish at 14,385 yuan ($2,321.25) per tonne, weighed down by a China stock index that slipped after two sessions of strong gains. The front-month rubber contract on Singapore’s SICOM exchange for July delivery last traded at 162.1 US cents per kg, down 1.4 cent.