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TOKYO, June 9 (Reuters) – Key Tokyo rubber futures rose on Tuesday to trade around 170 yen, reflecting gains in oil prices.
* But the yen’s rise against the dollar weighed on sentiment as a stronger yen deflates yen-based rubber prices.
* The key Tokyo Commodity Exchange rubber contract for November delivery <0#JRU:> was at 169.8 yen per kg at 0905 GMT, up 1 yen or 0.6 percent from the previous day’s settlement.
* The benchmark contract has been trading on both sides of 170 yen for about a week, buoyed mainly by oil but lacking the momentum to top the psychologically important 180 yen mark due to a lack of strong fundamentals.
* Rubber stocks totalled 9,526 tonnes as of May 20, up 1.2 percent from 10 days earlier, industry data showed on Monday. [ID:nT228794]
* Oil rose on Tuesday, snapping a two-day slide, to climb above $69 as the dollar retreated. [O/R]
* The dollar slipped on Tuesday, pausing from gains versus the euro as investors reassessed whether speculation of a possible rise in U.S. interest rates later this year may push up the U.S. currency. [USD/]
* The dollar was down 0.4 percent against the yen.
* Asian physical rubber prices were steady on Tuesday as an absence of buyers from China, the world’s largest consumer, has kept trading subdued.
Source: Reuters