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BANGKOK, March 16 (Reuters) – Tokyo rubber futures jumped 4.5 percent on Wednesday on the back of short-covering, with contracts snapped up on supply concerns after three Asian rubber producers sought to prevent further price falls, dealers said.
* The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for August delivery rose 16 yen, or 4.5 percent from Tuesday’s close, to settle at 369.0 yen ($4.56) per kg.
* The most active Shanghai rubber futures contract for May delivery also rose 1,090 yuan to settle at 34,245 yuan ($5,211) per tonne.
* Brent crude fell as much as 1.1 percent to touch a three-week low near $107 on concern about Japan’s nuclear crisis, but recovered to erase losses as Bahraini security forces attempted to clear protesters on Wednesday. [0/R]
* The world’s top rubber producing countries, Thailand, Indonesia and Malaysia, will hold an urgent meeting this week to find ways to support prices that have collapsed this month, a senior industry official said on Tuesday. [ID:nSGE72E01W]
* Dealers said TOCOM rubber was likely to rise further on Thursday on supply concerns as players feared the top three producers could cut exports, as they did in 2009.
* “TOCOM should continue to rise. However, it depends on how aggressive of measures of the top producers would be,” one dealer said. ($1=80.85 Yen) ($1=6.571 Yuan)
Source: Reuters