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SINGAPORE, April 6 (Reuters) – The most active Tokyo
rubber futures contract rallied to a 20-month high on Tuesday
before slipping as the yen’s strength weighed and oil weakened,
but tight physical supply kept support intact. * The September contract on the Tokyo Commodity Exchange
<0#JRU:> rose as high as 329.2 yen, the highest for any
benchmark since Aug. 1, 2008 before ending at 323.8 yen, down
2.8 from the previous settlement. * Dealers pegged the upside target around 331 yen — the
intraday high seen 20 months ago. The most active contract was
well above the closely-watched 14, 50 and 100-day moving
averages. * In the physical market, Thai, Indonesian and Malaysian
rubber grades have been traded at record prices well above $3 a
kg as tyre makers scramble to buy the commodity because of
tight supplies. [ID:nSGE63508Q] RSS3 changed hands around $3.50 a kg late last week, SIR20
was sold late on Monday at 1.50 to 1.51 U.S. cents per pound,
while SMR20 was traded at between $3.365 and $3.405 a kg for
nearby shipment, they said. * The yen struck back on Tuesday after falling to a
seven-month low of 94.78 yen per dollar on Monday JPY=,
recovering to 94.00 yen. [USD/] * U.S. crude for May delivery CLc1 slid 6 cents to
$86.56 by 0639 GMT, off Monday’s peak of $86.90 a barrel, the
highest intraday figure struck since October 2008. ICE Brent
LCOc1 declined 11 cents to $85.77 on Tuesday in London. [O/R] * Natural rubber and crude oil, a base product to make
synthetic rubber, normally rise and fall in tandem.
Source: Reuters