Tokyo rubber rebounds on softer yen
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Tokyo rubber futures rose 1.9 per cent on Friday, bouncing back from a three-day losing streak thanks to a softer yen and rising Japanese shares.
The key Tokyo Commodity Exchange rubber contract for April delivery rose ¥3.4, or 1.9 per cent, to settle at ¥174.7 ($1.80) per kg. It rose as high as ¥179.3 per kg before weaker oil prices spurred profit-taking, dealers said.
TOCOM futures prices have fallen, pressured by the global economic crisis and bleak news about the auto industry, but physical prices have been supported by the fundamental supply tightness of the commodity needed to produce tyres.
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Source : Business Line |
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