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Rubber Rebounds as Yen Weakens on Signs of U.S., China Recovery

Rubber rebounded to the highest level in almost a week after Japan’s currency slid on U.S. and Chinese data that exceeded analyst estimates, boosting the appeal of yen-denominated futures.

The contract for delivery in April on the Tokyo Commodity Exchange advanced as much as 1.9 percent to 261.7 yen a kilogram ($2,641 a metric ton), the highest since Nov. 5. Futures traded at 261.1 at 9:57 a.m., paring losses to 14 percent this year.

TOCOM Rubber Futures Prices on Monday, November 11, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Nov 2013

245.3

245.6

249.6

244.5

248.0

+2.7

29

Dec 2013

247.5

246.6

252.1

246.6

250.5

+3.0

30

Jan 2014

250.0

251.7

255.0

250.9

252.8

+2.8

33

Feb 2014

252.6

253.8

257.9

253.8

256.2

+3.6

378

Mar 2014

255.2

255.2

260.0

255.2

258.3

+3.1

1,680

Apr 2014

256.9

257.6

262.2

256.8

260.4

+3.5

5,492

Total

 

7,642

The yen traded near a seven-week low against the dollar after dropping 1 percent on Nov. 8, when data showed U.S. payrolls added almost twice as many workers as economists projected last month. Factory output in China rose more than analysts estimated in October and inflation quickened less than forecast, adding optimism about the growth in the world’s second-largest economy.

“The data increased investors’ risk appetite, weakening the yen and boosting futures in Tokyo,” said Kazuhiko Saito, an analyst at broker Fujitomi Co. in Tokyo.

Natural rubber imports by China, the biggest buyer, were 190,000 tons in October, according to the customs agency. Volume increased from 179,921 tons in September and 170,409 tons in the same month last year, Bloomberg data showed.

Rubber for May delivery on the Shanghai Futures Exchange climbed 0.6 percent to 19,595 yuana ton. Stockpiles monitored by the bourse rose 4.4 percent to 154,194 tons, the highest since November 2004, data from the exchange showed.

Thai rubber free-on-board gained 0.6 percent to 78.05 baht ($2.47) a kilogram Nov. 8, according to the Rubber Research Institute of Thailand.

Source: Bloomberg

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