Tokyo rubber gains 2.7%
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Tokyo rubber futures jumped 2.7 per cent to end at the day's high on Thursday in a rally towards the close, aided by gains in other commodities futures as dealers rushed to unwind short positions. The key TOCOM rubber contract for February delivery closed at ¥316.5 per kg, up ¥8.3 from Wednesday, after reversing an early fall to a one-week low of ¥306.4. On Monday the contract hit a one-month high of ¥324.9.
Falling rubber inventories in Japan mean that the TOCOM market remains in backwardation. Nearby September closed Thursday up 4.7 yen at ¥340.7. In the physical sector, steady buying from Japan's Bridgestone Corp was recently detected, dealers said.
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Source : Business Line |
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