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Tokyo rubber takes back most of losses as yen, Nikkei support

Benchmark TOCOM rubber futures regained most of the previous day’s losses early on Wednesday as a weaker yen and gains in Japan’s equities benchmark lifted sentiment for the soft commodity. The Tokyo Commodity Exchange rubber contract for June delivery was up 3.3 yen at 256.1 yen per kg by 0015 GMT, after finishing 3.5 yen lower on Tuesday.

US retail sales edged up in December with a core spending gauge posting a big jump, a sign the economy gathered steam at the end of last year and was poised for stronger growth in 2014. Protesters trying to topple Thailand’s government tightened a blockade around ministries on Tuesday and their leader warned the prime minister that she could be targeted next, as some saw more than two months of turmoil inching towards an endgame.

Germany’s Lanxess, the world’s largest synthetic rubber maker, said on Tuesday it was “optimistic” it had hit its goal of 710-760 million euros ($969 million-$1.04 billion) in adjusted earnings before interest, taxes, depreciation and amortisation for 2013, down from 1.23 billion euros in 2012.

Source: Reuters

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