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Tokyo rubber futures edged higher on Friday as investors rolled over contracts to pick new ones ahead of the weekend, but concerns about inconclusive US "fiscal cliff" talks still weighed on prices, dealers said. The benchmark June contract, which debuted on Friday, rose 1.6 yen from the opening price to settle at 287.6 yen ($3.41) per kg.

The most-active rubber contract on Shanghai futures exchange for May delivery was up 65 yuan to finish at 24,960 yuan ($4,000) per tonne. The front-month January contract on Singapore's SICOM exchange was last traded at $2.91 per kg, up 2 cents.

"Investors adjusted positions ahead of the long weekend. Prices did not fall below a major support level of 285 yen and that spurred speculative buying," said a Tokyo-based dealer. Tokyo rubber futures exchange will be closed on Monday for a public holiday. Trading will resume on Tuesday. However, dealers said prices failed to rise substantially as concerns about a delay in the solution for the US "fiscal cliff" still weighed on the market.

Copyright Reuters, 2012


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