Tocom rubber futures settle 3.1% higher Tuesday on the back of a weaker yen and strength in Japanese stocks. The market is “turning to bullishness in Japan,” said Makoto Sugitani at commodity broker Newedge Japan.
The dollar hit a three-week high against the yen and the Nikkei Stock Average rose above 15600 for the first time since late January. “It may not sound like it has anything to do with rubber, but it does because rubber is consumer-oriented,” he adds. “It tends to move in tandem with Japanese stocks.” Benchmark January rubber settles Y6.3 higher at Y206.5/kg.
Source: Dow Jones
