Tokyo rubber futures jumped to another record high on Friday on the back of firm oil prices and supply worries, but profit-taking capped gains, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery rose 13.0 yen to settle at 502.9 yen ($6.16) per kg. It rose as high as 504.0 yen per kg before profit-taking set in.
Oil was headed for a second straight week of gains as Egypt's volatile situation kept markets on edge ahead of Friday prayers, while investors waited for US employment data expected to give direction to prices later in the day. Supply in the world's top two producing countries, Thailand and Indonesia, is due to fall significantly in February and March when the two countries are due to be in the dry season and rubber trees stop producing latex. The offer price for Thai benchmark RSS3 rubber remained at a record high on Friday.
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