TOKYO, March 29 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
However, high rubber prices are still weighing on major
users. Japan's Toyo Tire & Rubber Co 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.
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
The Tokyo Commodity Exchange rubber contract for September
delivery finished up 5.8 yen at 244 yen per
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.
The most-active rubber contract on the Shanghai futures
exchange for September delivery rose 315 yuan to finish
at 16,615 yuan per tonne.
The front-month rubber contract on Singapore's SICOM
exchange for April delivery last traded at 182 U.S.
cents per kg, up 1.2 cent.
(Reporting by Osamu Tsukimori; Editing by Sherry