TOCOM rubber snaps 2 days of falls on weaker yen

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TOKYO (Feb 7): snapped two straight sessions of falls on Wednesday, helped by a weaker yen against the dollar, brokers said.

Tokyo Commodity Exchange (TOCOM) futures, which set the tone for rubber prices in , also got support from gains in oil prices in Asian trading.

The dollar reached a high of 109.720 yen as regional equities such as Japan’s Nikkei average soared, taking cue from a late rebound on .

A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies.

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The Tokyo Commodity Exchange for delivery finished 1.8 yen higher at 195.5 yen ($1.79) per kg.

The most-active rubber contract on the for May delivery fell 120 yuan to finish at 12,655 yuan (US$2,023) per tonne.

The front-month rubber contract on ’s exchange for March delivery last traded at 146 US cents per kg, down 0.8 cents.

(US$1 = 6.2570 Chinese yuan)
(US$1 = 109.0600 yen)

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