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BANGKOK, June 3 (Reuters) – Tokyo rubber futures ended 2 percent higher on Friday as oil prices steadied and supply remained tight in the physical market, but profit-taking capped gains, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange <0#JRU:> for November delivery rose 7.6 yen, or 2 percent, to settle at 389.5 yen ($4.82) per kg.
The most active Shanghai rubber contract for September delivery rose 915 yuan to finish at 33,365 yuan ($5,146.218) per tonne.
“Oil prices were quite stable and helped support rubber futures. But players took profits ahead of the weekend to avoid risk,” one dealer said.
Brent and U.S. crude were steady on Friday as the dollar strengthened against a basket of currencies. [O/R]
Dealers said TOCOM prices were expected to rise further next week as tight supply in major producing countries should lend further support.
($1 = 80.895 Japanese Yen)
($1 = 6.483 Chinese Renminbi)
Source: Reuters