Rubber declines
TOKYO - Rubber dropped as a strengthening Japanese currency and unrest in Egypt reduced the appeal of the commodity.
The July-delivery contract declined as much as 0.8 percent to 465.4 yen a kilogram ($5,673 a ton) before settling at 466 yen on the Tokyo Commodity Exchange. The most-active contract earlier rose 1.4 percent and surged 12 percent this month, the seventh monthly advance.
Japan's currency traded near a one-week high against the euro on speculation that Egypt's political turmoil will destabilize the Middle East, spurring demand for safer assets.
"The global economy has entered a stage of uncertainty," Ker Chung Yang, an analyst with Phillip Futures Pte, said from Singapore.
Bloomberg News
(China Daily 02/01/2011 page17)
