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Rubber Jumps Most in One Month as Yen Near to Four-Year Low

Rubber surged the most in a month as Japan’s currency dropped to near a four-year low, boosting the appeal of yen-based futures, and as U.S. payrolls climbed.

Rubber for October delivery climbed as much as 5.9 percent to 268.4 yen a kilogram ($2,714 a metric ton), the biggest gain for a most-active contract since April 8. Futures traded at 266.3 yen on the Tokyo Commodity Exchange at 10:15 a.m., paring this year’s loss to 12 percent. The market reopened today after a four-day weekend.

TOCOM Rubber Futures Prices on Tuesday, May 07, 2013 (yen / kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

May 2013

246.5

250.3

261.3

249.0

259.6

+13.1

43

Jun 2013

247.1

252.1

261.9

249.6

259.3

+12.2

26

Jul 2013

249.5

252.5

263.2

251.5

262.5

+13.0

197

Aug 2013

250.8

253.7

265.6

253.4

264.0

+13.2

765

Sep 2013

252.1

254.7

267.1

253.8

266.5

+14.4

2,670

Oct 2013

253.5

256.0

268.4

255.3

268.3

+14.8

6,897

Total

 

10,598

The yen weakened to 99.44 per dollar, nearing a four-year low of 99.95 reached on April 11. The Japanese currency came under pressure amid expectations that the U.S. economic recovery will gather pace after a report showed the nation added more jobs than forecast last month.

“Optimism grew that the U.S. recovery is picking up, boosting investor appetite for rubber futures,” Kazuhiko Saito, an analyst at broker Fujitomi Co. in Tokyo, said by phone today.

American payrolls grew by 165,000 workers last month after a revised 138,000 gain in March that was higher than first estimated, Labor Department figures showed May 3. U.S. economic growth will slow to 1.5 percent this quarter before strengthening to 2.6 percent in the final three months of the year, according to Bloomberg surveys.

Rubber for delivery in September on the Shanghai Futures Exchange lost 0.4 percent to 19,865yuan ($3,221) a ton. Thai rubber free-on-board added 0.6 percent to 85.85 baht ($2.90) a kilogram on May 3, according to the Rubber Research Institute of Thailand.

Source: Bloomberg

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