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TOCOM rises amid rekindled hopes for a Sino-U.S. trade deal

Wed June 19 2019



Tokyo Commodity Exchange (TOCOM) futures rose on Wednesday amid renewed hopes for a trade deal between China and the United States, despite losses in Shanghai futures


* The benchmark TOCOM rubber contract for November delivery


finished 2.7 yen ($0.0249) higher at 202.7 yen per kg


* The most-active rubber contract on the Shanghai futures exchange for September delivery fell 65 yuan  ($9.42) to finish at 11,740 yuan per tonne


* China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, cheering financial markets on hopes that an escalating trade war between the two countries would abate


* The U.S. dollar was quoted around 108.38 yen, compared with around 108.44 yen on Tuesday afternoon


* Oil prices extended gains into a second session on Wednesday, buoyed by renewed hopes for a U.S.-China trade deal and potential economic stimulus from the European Central Bank (ECB)


* Japan’s benchmark Nikkei stock average was up 1.72%


* TOCOM’s technically specified rubber (TSR) 20 futures contract for December delivery closed up 1.2 yen at 163.4 yen per kg


* The front-month rubber contract on Singapore’s SICOM exchange for July delivery last traded at 149.3 U.S. cents per kg, down 1.3%


Source: Reuters

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