Tokyo rubber futures slip

23 May, 2009

Tokyo rubber futures fell nearly 2 percent on Friday as the yen's further gain and weakness in the oil market dampened sentiment. The key Tokyo Commodity Exchange rubber contract for October delivery fell 1.8 percent to 159.5 yen per kg from Thursday's settlement at 162.5 yen.
Oil steadied above $61 on Friday after falling from six-month highs the previous day as signs of job market weakness stoked concerns about the economy. The dollar extended losses on Friday, falling broadly against major currencies, as worries about swelling US deficits soured investors on US assets.
The dollar hit a two-month low against the yen on Friday. Thai rubber exports fell 16.5 percent in April from a year earlier due to limited supply and extra holidays, according to government data and traders on Thursday.

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