Benchmark Tokyo rubber futures ended up 3.5 percent on Tuesday, marking their biggest daily percentage gain since December 30, 2014 after hitting a two-week high earlier in the session, bolstered by a weaker yen against the dollar. However, weak market fundamentals were seen little changed amid worries over demand in Asia, especially in China amid a slowing economy, dealers said.
China has reduced its natural and synthetic rubber imports by nearly 18 percent in the first three months of the year. The Tokyo Commodity Exchange rubber contract for September delivery finished 6.9 yen higher at 203.4 yen per kg. It earlier rose as high as 203.9 yen, the highest since April 6.
TOCOM strength also helped push regional futures higher. The most-active rubber contract on the Shanghai futures exchange for September delivery rose 475 yuan to finish at 13,230 yuan per tonne. The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 139.8 US cents per kg, up 1.8 cent.
