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TOKYO: TOCOM rubber futures witnessed a slight down after Bank of Japan kept its monetary policy unchanged on Tuesday. Earlier futures hit a two-week high as Asian share prices rose on hopes of a compromise in the U.S. fiscal crisis.
The most-active Tokyo Commodity Exchange rubber contract, for April delivery was up 2.9 yen, at 255.5 yen as of 14.10 JST.
The benchmark contract earlier rose as high as 257.7 yen, the highest for any benchmark since November 2. Its recent gains were helped by a fall in the yen on anticipation of the Bank of Japan’s further monetary easing.
Moody’s stripped France of its prized triple-A badge on Monday, cutting the sovereign credit rating on Europe’s No. 2 economy by one notch to Aa1 from Aaa, citing an uncertain fiscal outlook and deteriorating economy.
Oil rose 2.5 percent on Monday to its highest price since mid-October, fueled by supply concerns as violence in the Middle East escalated and as investors grew more hopeful that a U.S. budget crisis will be averted.
Source: Rubber Country
