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Benchmark Tokyo rubber futures rose for a third straight session on Wednesday, continuing to rebound from an eight-month low hit last week, on the back of a weaker yen against the dollar, brokers said. TOCOM prices have fallen 10 percent this year amid worries over global rubber demand and a significant strengthening of the yen against the dollar, which has been trading not far from a multi-year low.

The Tokyo Commodity Exchange rubber contract for July delivery finished 2.2 yen higher at 186 yen ($1.73) per kg after hitting its highest since February 15 earlier. The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 144.40 US cents per kg, up 0.2 cent.

The greenback rose 0.3 percent to 107.70 yen. A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies. Chinese financial markets will reopen on Thursday after the Lunar New Year holiday.

Copyright Reuters, 2018


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