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Benchmark Tokyo rubber futures slid to a nearly 2-month low on Monday, as a stronger yen against the US dollar prompted fresh selling, brokers said. The dollar traded near its lowest level against the yen since mid-September. A stronger Japanese currency makes yen-denominated assets less affordable when purchased in other currencies.

The Tokyo Commodity Exchange (TOCOM) rubber contract for July delivery finished 7 yen lower at 198.1 yen ($1.82) per kg after touching 197 yen earlier, the lowest since December 1. Crude rubber inventories at Japanese ports stood at 12,294 tonnes as of January 10, up 0.2 percent from the last inventory date, data from the Rubber Trade Association of Japan showed on Monday.

The most-active rubber contract on the Shanghai Futures Exchange for May delivery fell 25 yuan to finish at 13,770 yuan ($2,178) per tonne. The front-month rubber contract on Singapore's SICOM exchange for February delivery last traded at 152 US cents per kg, down 0.5 cent.

Copyright Reuters, 2018


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