BANGKOK, Feb 12 (Reuters) – Tokyo rubber futures jumped 3
percent on Friday, supported by firm oil and rising shares
prices, dealers said.
* The benchmark rubber contract on the Tokyo Commodity
Exchange <0#JRU:> for July delivery rose 8.7 yen, or 3.1 percent,
to settle at 285.2 yen ($3.18) per kg.
* U.S. crude futures hovered above $75 a barrel on Friday,
holding on to most of the previous day’s gains as traders awaited
a government report on U.S. crude stocks, due out later in the
day, for clues to demand. [ID:nTOE61B00D]
* Higher oil prices make an alternative petrochemical
synthetic rubber expensive and usually encourage tyremakers to
switch to natural rubber.
* Japan’s Nikkei average rose 1.3 percent on Friday, with
investors hunting bargains in exporters and other shares after a
pledge by European leaders to support debt-laden Greece eased
fears of a broader euro zone crisis. [ID:nTOE61B04G]
* Dealers said TOCOM rubber gained support from rising oil
and share prices and was likely to rise further next week. Prices
could finish above the key resistance of 285 yen per kg.
($1=89.68 Yen)

Source: Reuters

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