Tokyo rubber futures jumped about 4 percent to climb above 200 yen on Wednesday, boosted by crude oil's strong rise and renewed optimism about the economic outlook. The key Tokyo Commodity Exchange rubber contract for January delivery stood at 202.5 yen per kg at 0040 GMT, up 6.7 yen or 3.4 percent from the previous day's close, after earlier rising as high as 203.5 yen.
The benchmark contract fell below 200 yen after it hit a 10-month high of 214 yen on Friday in volatile trade on fund liquidation. Bridgestone Corp, Japan's largest tyre maker, has recently been actively buying rubber as auto makers resume some production they had cut due to the economic crisis.
Comments
Comments are closed.