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TOCOM rubber climbs for 2nd day on short covering (31-07-2015)

 

TOCOM rubber climbs for 2nd day on short covering  

TOKYO (July 30): Benchmark Tokyo rubber futures climbed for a second day on Thursday as bargain hunters helped boost the prices and as investors covered short positions after the Federal Reserve said the economy and job market continue to strengthen.

The Tokyo Commodity Exchange rubber contract for January delivery <0#2JRU:> finished 1.7 yen, or 0.8 percent, higher at 206.6 yen ($1.66) per kg.

“As the Fed`s statement confirmed healthy trend of the U.S. economy, investors felt relieved to cover short positions,” said Satoru Yoshida, a commodity analyst at Rakuten Securities.

The U.S. economy and job market continue to strengthen, the Fed said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September.

“But there are still lingering worries over the Chinese equities market which is now artificially aided by government measures but could face another round of sell-off when the measures are removed,” Yoshida said.

“If that happens, the TOCOM rubber could fall below a key psychological support level of 200 yen.”

China stocks fell on Thursday after state media reported that banks were investigating their exposure to the stock market through wealth management products and loans collateralised with stocks.

The most-active rubber contract on the Shanghai Futures Exchange for January delivery fell 55 yuan to finish at 12,695 yuan ($2,044.74) per tonne.

The front-month rubber contract on Singapore`s SICOM exchange for August delivery last traded at 140.0 U.S. cents per kg, down 0.9 cent.

($1 = 124.1500 yen)
($1 = 6.2086 Chinese yuan)

http://globalrubbermarkets.com/34766/tocom-rubber-climbs-for-2nd-day-on-short-covering.html

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(source in Eximbank)
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