Benchmark TOCOM rubber futures inched down on Thursday after the yen rose strongly against the dollar after the U.S. Federal Reserve signalled no pick-up in the pace of monetary tightening this year.
The Tokyo Commodity Exchange rubber contract for August delivery fell 1.5 yen to 264.5 yen ($2.33) per kg by 0005 GMT, after touching a one-week high on Wednesday.
A stronger yen makes Japanese currency-denominated assets more expensive when purchased in other currencies. But the decline was limited due to an extended gain in oil prices on Thursday.
Crude rubber inventories at Japanese ports stood at 4,601 tonnes as of Feb. 28, down 2.3 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Wednesday.
(Times of India,
March 16, 2017)