Markets

Tokyo futures hit 3-week high, gains capped

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The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery rose 3.8 yen to settle at 321.3 yen ($4.15) per kg.

It rose as much as 10.4 yen, or 3.2 percent, to 327.9 yen, the highest since September 26.

The most-active rubber contract on the Shanghai futures exchange for January delivery fell 170 yuan to finish at 28,700 yuan ($4,499) per tonne.

"Rubber sentiment was good in the early session as firmness in oil and shares lent support, but profit-taking still capped the rises," a dealer said.

Brent crude futures rose on Monday, staying above $112, on hopes European policymakers will reach an agreement to tackle the euro zone's debt crisis and help stem a slowdown in oil demand growth.

The Nikkei average rose to a six-week high on Monday, helped by hopes for corporate earnings and expectations that Europe will come up with a plan to contain its debt crisis.

 

Copyright Reuters, 2011