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Tokyo rubber futures rose 2 percent on Friday, supported by firm gold and oil prices, but were still under pressure from the strengthening of the yen The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 5.7 yen, or 2 percent, to 292.5 yen ($2.92) per kg.
TOCOM rubber maintained its upward trend in the afternoon on the back of soaring gold prices, which held within sight of $1,000 an ounce after the dollar hit a record low against the euro, boosting the metal's appeal as an alternative investment. TOCOM also gained support from oil prices hovering near $110 a barrel.
US crude for April delivery fell 44 cents to $109.89 a barrel by 0842 GMT. The contract, which touched a record for the seventh time in a row on Thursday, is up nearly 8 percent this month and about 14.5 percent this year.
But the strengthening yen, which makes dollar-based rubber cheaper, spurred stop-loss selling on TOCOM and prevented the key contract from breaking above the psychological 300 yen barrier.
The yen touched 99.77 against the dollar on Thursday, its highest in more than 12 years. It was at 100.49 yen to the dollar at 0850 GMT on Friday. TOCOM rubber was likely to be capped in volatile trade dominated largely by oil prices and the yen's movement next week. "I'm not quite sure whether TOCOM could maintain its upward trend as the key contract finished below 300 yen and we don't know for sure how the yen will behave next week," a dealer said.

Copyright Reuters, 2008

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