BEIJING: Tokyo Commodity Exchange (TOCOM) futures rallied on Monday, tracking strong prices in Shanghai futures, on expectations of more stimulus in China
* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 6.3 yen ($0.0565) higher at 191 yen per kg
* The most-active rubber contract on the Shanghai futures exchange for September delivery rose 40 yuan ($5.95) to finish at 11,835 yuan per tonne
* China said on Sunday it would step up its policy of targeted cuts to banks’ required reserve ratios to encourage financing for small- and medium-sized businesses that play a key role in economic growth
* The US dollar was quoted around 111.41 yen, compared with about 111.73 yen on Friday afternoon
* Rubber prices also got support from firm oil prices as they rose to highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data.
* Japan’s benchmark Nikkei stock average was down 0.21 percent
* TOCOM’s technically specified rubber (TSR) 20 futures contract for October delivery closed up 5.9 yen at 173.1 yen per kg
* The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 151.4 US cents per kg, up 1.4 percent.
