August 10, 2017 / 9:49 AM / a year ago

RUBBER-TOCOM slips from 2-week high on profit-taking

TOKYO, Aug 10 (Reuters) - Benchmark Tokyo rubber futures edged lower, slipping from a two-week high hit earlier in the session, as investors locked in profits ahead of a long weekend in Japan.

Financial markets in Japan will be closed on Friday for Mountain Day holiday.

“Japanese investors unwound positions ahead of the weekend,” said Jiong Gu, an analyst at Yutaka Shoji Co.

The Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery finished 1.3 yen lower at 214.1 yen ($1.95) per kg. Earlier in the session, it hit 217.5 yen, the highest since July 26.

The most-active rubber contract on the Shanghai futures exchange for January delivery rose 10 yuan to finish at 16,460 yuan ($2,471.10) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for September delivery last traded at 153.6 U.S. cents per kg, up 2.4 cents.

“Physical rubber prices in Thailand have been strong lately, backed by buying supports from local rubber industry group and exporters, which has given a lift to Shanghai futures,” Gu said.

“If physical prices continue to rally, Shanghai prices are expected to gain further as China’s local demand is also fairly strong,” he added.

Yokohama Rubber Co Ltd, Japan’s third-biggest tyre maker, on Thursday raised its operating profit forecast for this calendar year by 5 percent to 50 billion yen, citing a higher-than-expected first-half results and lower raw material prices.

($1 = 109.9400 yen)

$1 = 6.6610 Chinese yuan Reporting by Yuka Obayashi; Editing by Sherry Jacob-Phillips

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