TOKYO, May 25 (Reuters) - The May rubber futures contract on the Tokyo Commodity Exchange expired on Tuesday at 377.9 yen per kg, up 0.1 yen on the day, with 102 lots or 510 tonnes of deliveries, the fewest since the February contract at 56 lots.
A month earlier, the April contract expired at a record high price of 455.4 yen per kg with 142 lots delivered.
The relatively small deliveries in the past few months were due to limited supply available via TOCOM as prices in the physical market stayed high, traders said.
Prices of the next spot June contract <0#JRU:> are set to firm again when its expiry date of June 24 nears because rubber supply is unlikely to increase drastically until July, said a manager at a Japanese commodity brokerage.
"But for now, such influence from the spot contract is tame as we have one month to go. The rubber market rather looks vulnerable to bearish views in other markets and is set to fall in the near term," the manager said, adding the key TOCOM contract would soon test technical support of 260 yen a kg.
On Tuesday, the key October contract fell 6.2 yen to 271.0 yen per kg. [RUB/AS] Newly-listed November contract takes over the benchmark status when it starts trading on Wednesday.
(in.reuters.com)
No comments:
Post a Comment