Tokyo rubber futures extended gains for the ninth consecutive session on Friday to hover above 323 yen, a near four-week high, riding on crude oil prices.
Rubber futures in Tokyo commodity exchange is continued to be linked to that of international commodities, particularly crude oi.
There is a wait-and-see feeling in the market.
The Tocom benchmark contract fell 17% after hitting a 28-year high of 356.9 yen on June 30. The dollar was trading around 109.05 yen.
Physical rubber prices remain strong, supported by solid demand and firm Tocom rubber futures.
Bridgestone corporation, the world’s largest tire maker by sales. Is raising prices at least 10% for tires sold to offset higher raw material costs.
Tokyo Commodity Exchange:
Rubber for February 2009 delivery traded at 323 yen per kilogram, 3.2 yen up
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