Markets

Rubber falls as yen rises

(China Daily)
Updated: 2010-03-04 11:42
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Rubber dropped for a second day as a stronger Japanese currency reduced the appeal of yen-denominated contracts and increased output during the low-production season damped interest.

Futures in Tokyo fell as much as 1.1 percent, extending a 2.4 percent loss on Tuesday. Prices have gained for the past three weeks after reaching this year's peak of 306 yen per kg ($3,450 a ton) on Jan 15, which was the highest level since September 2008.

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Rubber for August delivery, the most-active contract, lost as much as 3.1 yen (4 cents) to 287.3 yen before settling at 289.7 yen on the Tokyo Commodity Exchange.

May-delivery rubber on the Shanghai Futures Exchange fell as much as 1.4 percent to 24,135 yuan ($3,536) a ton, before settling at 24,285 yuan.

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