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TOCOM rubber falls nearly 3%, shrugging off exporters’ agreement

TOKYO (March 7): Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in Southeast Asia, fell almost 3% on Thursday, shrugging off an agreement among major producers to curb exports.

* The benchmark Tokyo Commodity Exchange (TOCOM) rubber contract for August delivery finished 5.7 yen lower, or 2.8%, at 198.9 yen per kilogram

* The International Tripartite Rubber Council (ITRC), which comprises Thailand, Indonesia, and Malaysia, agreed on Wednedsay to curb export by a combined 240,000 tonnes for four months starting April

* The most-active rubber contract on the Shanghai futures exchange for May delivery fell 275 yuan to 12,215 yuan per tonne.

* The US dollar was quoted around 111.71 yen, compared with around 111.75 yen on Wednesday

* US crude prices were little changed, while Brent gained 0.2%

* Japan’s benchmark Nikkei stock average closed down 0.7%

* TOCOM’s technically specified rubber (TSR) 20 futures contract for September delivery closed down 2.8% at 167.2 yen per kg

* The front-month rubber contract on Singapore’s SICOM exchange for April delivery recently traded at 144.6 US cents per kg, down 2.2%.

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