Tokyo rubber futures hit two-month high on prospects of economic recovery


, May 21 (Reuters) –

* The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery extended for a third session to touch a two-month high on Thursday as traders bet on hopes of economic recovery from the coronavirus crisis.

* The rubber contract was up 2.3 yen, or 1.5%, at 157.2 yen per kg by 0123 GMT. The index hit its highest since March 19.

* While worldwide have topped 5 million, many countries are re-opening offices and schools following weeks of lockdown to curtail the spread, boosting global .

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* , equities and other markets have also got support from promising early results in initial U.S. vaccine on humans.

* The benchmark rubber contract on the Shanghai exchange, which generally sets the tone for Tokyo prices, was up by 1.2% at 10,535 per tonne, the highest in more than two months.

(Reporting by Aaron Sheldrick, Editing by Sherry Jacob-Phillips)


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