Markets

Rubber at 2-week high

By Supunnabul Suwannakij (China Daily)
Updated: 2010-07-29 11:22

BANGKOK - Rubber advanced to the highest level in more than two weeks on speculation that demand may climb as Asian equity markets gained and the Japanese currency declined.

Related readings:  Rubber hits 6-week low  Rubber rises to new high   Rubber climbs for second day  Rubber set to decline

Futures climbed as much as 2.8 percent to 270.8 yen per kilogram ($3,082 a metric ton), the highest level since July 12, as the MSCI Asia Pacific Index rose for a fourth day on optimism that corporate earnings may improve.

"Rallies across the Asian markets spilled over to commodities, including rubber," said an analyst at DS Futures Co.

January-delivery rubber settled at 268.6 yen per kilogram on the Tokyo Commodity Exchange. November-delivery rubb-er on the Shanghai Futures Exchange rose 3.1 percent to 22,875 yuan ($3,374) a ton.

Bloomberg News