Tokyo futures at 1-week high

BANGKOK: Tokyo rubber futures rose 2.6 percent to a one-week high on Wednesday on the back of firm Shanghai futures, but gains were capped by profit-taking, dealers said.

The benchmark rubber contract on the Tokyo Commodity Exchange for October delivery rose 9.9 yen, or 2.6 percent, to settle at 385.8 yen ($4.709) per kg, the highest since May 19.

The nearby May contract expired on Wednesday, finishing 2.9 yen higher at 408.0 yen

"TOCOM prices rose further on speculative buying as players took their cue from rising Shanghai futures," said a Tokyo-based dealer.

The most active Shanghai rubber contract for September delivery rose 680 yuan to finish at 32,295 yuan ($4,969.555) per tonne.

Traders said TOCOM gains were capped by profit-taking as players saw oil prices weaken.

Brent crude futures slipped below $112 a barrel on Wednesday after industry data showed US crude inventories fell less than forecast last week and as the dollar rebounded against the euro.

Dealers said they expected TOCOM prices to rise further on Thursday after the benchmark finished above resistance at 385 yen

Source: http://www.brecorder.com/top-news/111-markets-top-news/15261-tokyo-futures-at-1-week-high.html