Rubber declines for second day
- Published: 24 Sep 2013 at 10.17
- Online news:
Rubber fell for a second day as weakening crude oil prices and a stronger yen cut its appeal.
The contract for February delivery on the Tokyo Commodity Exchange lost as much as 2.3% to 277.3 yen a kilogramme ($2,825 a metric tonne) and traded at 278.80 yen at 11.18am. Futures gained 3.3% this month, the third monthly advance. The market was closed on Monday for a holiday.
West Texas Intermediate traded near the lowest in more than six weeks on speculation a United Nations resolution this week will reduce the likelihood of United States-led strikes against Syria. Natural rubber competes with oil-derived alternatives for use in tires. The yen climbed after Federal Reserve Bank of New York President William C Dudley said policy makers must "forcefully" push against economic headwinds.
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