Tokyo rubber drops
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Rubber futures in Tokyo fell as a rising yen against the dollar cut the value of yen-denominated contracts to buy dollar-priced rubber, and after stockpiles in Shanghai rose last week for the first time since April 19. “Because of a rising yen, investors sold rubber futures to cut losses on their long positions,” said Mr. Jun Nishimuta, an analyst at Kanetsu Asset Management Co Ltd, by phone today. Long positions are bets on a rise in futures prices. Rubber for January delivery on the Tokyo Commodity Exchange fell 3.3 yen, or 1.3 per cent, to close at 259/.7 yen a kilogram ($2,207 a tonne). Rubber for delivery in November on the Shanghai Futures Exchange closed down 320 yuan, or 1.6 per cent, to 19,145 yuan (42,533) a tonne. Shanghai stockpiles rose to 69,105 tonnes as of August 2, from 67,205 tonnes a week earlier. The increase came as a surprise, as inventories have been declining since in April hitting a peak for the year of 105,060 tonnes, Nishimuta said. Thailand’s so-called RSS-3 grade rubber for September shipment costs 75.05 baht ($2.50) a kilogram today, unchanged from Aug.3, according to the Rubber Research Institute of Thailand’s Web site.
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Source : Business Line |
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