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SINGAPORE, Nov 12 (Reuters) – Tokyo rubber futures jumped nearly 3 percent to their strongest in more than a year on Thursday to track gains in gold and the rival Shanghai market.
* The Tokyo Commodity Exchange’s rubber contract for April delivery <0#JRU:> settled 6.7 yen per kg higher at 237.3 yen, having hit an intraday high of 238.7 yen, its highest level since October last year.
* “Shanghai is bidding the market up. Shanghai futures have been very quiet for some time, but we started seeing the return of speculators,” said a dealer in Thailand’s southern city of Hat Yai. “The trend in commodity markets is up, and we also have high gold and oil prices,” he added.
* The most active contract on Shanghai rubber futures, currently March , rose 885 yuan per tonne to 20,620 yuan after rising to its strongest since September 2008 at 20,685 yuan, partly due to gains in Chinese shares. [ID:nHKG327546]
* Gold rose above $1,120 per ounce to hit a record high on Thursday for the second straight day as investors focused on the precious metal’s appeal as a hedge against a weakening dollar. [GOL/]
* Oil held steady above $79 a barrel on Thursday as the dollar held near 15-month lows against a basket of currencies, while investors waited for U.S. government oil data for direction before taking more positions. [O/R]
* Prices of tyre grades firmed in Southeast Asia to reflect strong Tokyo futures. [ID:nSP88826]
Source: Reuters