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Markets

Rubber falls as yen rises

(China Daily)
Updated: 2010-03-04 11:42
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Rubber dropped for a second day as a stronger Japanese currency reduced the appeal of yen-denominated contracts and increased output during the low-production season damped interest.

Futures in Tokyo fell as much as 1.1 percent, extending a 2.4 percent loss on Tuesday. Prices have gained for the past three weeks after reaching this year's peak of 306 yen per kg ($3,450 a ton) on Jan 15, which was the highest level since September 2008.

Related readings:
Rubber falls as yen rises Copper falls as mines in Chile reopen
Rubber falls as yen rises Copper up as quake hits output
Rubber falls as yen rises Chile's leading copper producer resumes production

Rubber for August delivery, the most-active contract, lost as much as 3.1 yen (4 cents)?to 287.3 yen before settling at 289.7 yen on the Tokyo Commodity Exchange.

May-delivery rubber on the Shanghai Futures Exchange fell as much as 1.4 percent to 24,135 yuan ($3,536) a ton, before settling at 24,285 yuan.

Bloomberg News

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