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TOKYO, Dec 28 (Reuters) – Key Tokyo rubber futures rose for the third straight session on Monday, helped by a weaker yen and steady oil prices.
* The key Tokyo Commodity Exchange rubber contract for June delivery <0#JRU:> was up 0.3 yen at 276.6 yen per kg in late trade after rising as high as 278.6 yen.
* The contract hit an intraday high of 278.9 yen on Friday, the highest for any benchmark since September 2008.
* Oil reached a four-week high above $78 per barrel on Monday, extending gains into a fourth day, buoyed by signs of an economic recovery in the United States and large declines in U.S. crude inventories. [O/R]
* The dollar held near recent highs against the yen on Monday, helped by demand from Japanese corporates before the year-end. The dollar was up 0.4 percent at 91.50 yen , staying near a two-month high of 91.88 yen set last week.
* A weaker yen inflates yen-priced TOCOM futures and supports market sentiment.
* Japan’s Nikkei average <.N225> hit its highest close in four months on Monday as stronger-than-forecast output data boosted manufacturers. [.T]
* Japan’s industrial output rose for the ninth consecutive month in November, the longest streak of gains in more than 12 years. [ID:nTOE5BR03J] But economists doubt this momentum can continue as inventories are piling up and falling wages could offset Japan’s stimulus measures.
Source: Reuters