TOCOM rubber climbs on firmer oil, Shanghai futures

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TOKYO (Jan 9): Benchmark Tokyo rose on Tuesday, in line with firm oil prices and Shanghai , brokers said.

() futures, which set the tone for rubber prices in , recovered after hitting 204 yen on Friday, the lowest since Dec. 22.

Japanese markets were closed on Monday for a national holiday.

The Tokyo Commodity Exchange rubber contract for June delivery finished 1.1 yen, 0.5%, higher at 205.9 yen ($1.83) per kg.

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US oil prices hit their highest since 2015 again on Tuesday as speculators bet on further price rises amid -led production cuts and a dip in American drilling activity, though some warned the rally could run out of steam.

The most-active rubber contract on the for May delivery rose 40 yuan to finish at 14,075 yuan (US$2,164) per tonne.

The front-month rubber contract on Singapore’s exchange for February delivery last traded at 146.50 US cents per kg, up 0.5 cent.

(US$1 = 112.6500 yen)
(US$1 = 6.5034 Chinese yuan)

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