By Vibhuti Agarwal
Rubber prices across most Asian markets ended lower Monday following weakness in Japanese and Chinese rubber markets.
Benchmark Tokyo rubber future prices were down, hurt by a stronger yen against the U.S. dollar. A stronger Japanese currency makes yen-denominated assets less affordable when purchased in other currencies.
Also, weakness in Shanghai rubber futures, which were affected by China's bond-market volatility, has unsettled investors, said Kaname Gokon, an analyst at brokerage firm Okato Shoji in Tokyo.
Gu Jiong, an analyst at Yutaka Shoji, said that much of the recent movement in rubber futures had been driven by speculation and that it was likely people were taking profits before year-end holidays.
The Tokyo Commodity Exchange rubber contract for May delivery fell 7.1 yen to close at Y276.3 ($2.35) a kilogram
The most-active rubber contract on the Shanghai futures exchange for May delivery fell 230 yuan to settle at CNY19,715 ($2,839) a metric ton.
Asian Rubber Futures
Dec 19 Change from previous close
Tocom May RSS3 Y276.3/Kg Down Y7.1
Shanghai May SCR5 CNY19,715/ton Down CNY230
Sicom May RSS3 233.0 US cents/Kg Down 3.2 US cents/Kg
Sicom Apr TSR20 203.0 US cents/Kg Down 3.4 US cents/Kg
USS Dec THB75.59-THB76.60/Kg THB77.25-THB77.77/Kg
By Vibhuti Agarwal at email@example.com
(END) Dow Jones Newswires
December 19, 2016 05:55 ET (10:55 GMT)
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