Tokyo rubber gains 2% to over 2-month high
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Tokyo rubber futures climbed about 2 per cent to the highest in over two months on Tuesday as a softer yen spurred buying, while tightness in physical supplies and strong overseas rubber markets also provided support. The benchmark Tokyo Commodity Exchange rubber contract for October delivery rose ¥6.3, or 2 per cent, to an intraday peak of ¥315 per kg, the highest since Feb. 27. It ended the day at ¥313.9, up ¥5.2, or 1.7 per cent. "The softer yen has added to bullish sentiment and encouraged buying of rubber,'' a Tokyo broker said. Physical rubber prices were strong, supported by supply tightness as rain has prevented a return to normal output after the end of the wintering dry season, when production falls.
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Source : Business Line |
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