TOKYO Feb 15 Benchmark Tokyo rubber futures
ended down on Wednesday as investors locked in profits from
recent gains, taking a cue from weak Shanghai futures.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone
for tyre rubber prices in Southeast Asia, pared early declines
of more than 3 percent as the dollar held gains near a
3-1/2-week high after Federal Reserve Chair Janet Yellen
signalled a faster pace of U.S. interest rate hikes.
TOCOM futures slumped around 13 percent from their highest
levels in more than five years hit late last month, but recent
gains have been weighing on tyre manufacturers, industry sources
Sumitomo Rubber Industries Ltd said on Tuesday the
surging cost of raw materials would likely impact earnings in
2017, as Japan's second-largest tyre maker forecast a more than
30 percent fall in full-year operating profit.
The Tokyo Commodity Exchange rubber contract for July
delivery finished down 6.7 yen at 319.7 yen
($2.80) per kg.
The most-active rubber contract on the Shanghai futures
exchange for May delivery dropped 340 yuan to finish at
21,550 yuan ($3,138) per tonne.
The front-month rubber contract on Singapore's SICOM
exchange for March delivery last traded at 227.40 U.S.
cents per kg, down 4.2 cents.
($1 = 6.8668 Chinese yuan)
($1 = 114.3300 yen)
(Reporting by Osamu Tsukimori; Editing by Sherry