BANGKOK, March 8 (Reuters) – Tokyo rubber futures rose to a
one-week high on Monday on the back of a lower Japanese yen and
firm oil prices, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for August delivery rose 7.0 yen, or 2.4
percent, to settle at 297.3 yen ($3.29) per kg.
The benchmark rose to an intra-day high of 297.5 yen, the
highest since March 2.
* The dollar extended its gains against the yen to hit a
two-week high on Monday after better-than-expected U.S. job data.
[USD/]
* Oil rose to nearly $82 a barrel, after gaining more
than 1 percent to hit a seven-week high the previous trading
session in response to the U.S. job data and signals China would
maintain its economic stimulus measures. [O/R]
* Higher oil prices make alternative synthetic rubber
expensive; they usually encourage tyre makers to shift to natural
rubber and trigger players to take speculative buying positions
on TOCOM.
* “TOCOM rubber was expected to rise further on Tuesday as
tight supply on the fundamental front should still provide
support,” said a dealer at Thailand’s Hat Yai rubber centre.
($1=90.28 Yen)

Source: Reuters

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