Rubber climbs for second day
Rubber advanced for a second day as reduced supply from Thailand, the world's largest exporter, and a rally in oil prices enhanced the appeal of the commodity used to make tires.
Futures climbed as much as 1.5 percent to 272.2 yen per kilogram ($3,123 a metric ton) in Tokyo. Rain has disrupted tapping, lowering output, the Rubber Research Institute of Thailand said this week. Crude oil futures in New York gained as much as 0.6 percent, increasing the cost of making rival synthetic rubber.
"Concerns over limited supply and crude oil prices standing above $70 a barrel supported the market," Navarat Kaewpratarn, marketing official at Future Agri Trade Co, said from Bangkok. Buying interest was curbed by the stronger yen, she said.
Bloomberg News
(China Daily 07/08/2010 page17)
