Sunday, July 7, 2013

Will rubber lose the ground?


The Egyptian army seized control of the government on Wednesday, ousting the country’s first democratically elected president. Oil prices driven by the events of a military coup in Egypt reached their highest point of the year at $103.22 a barrel. The benchmark for oil prices in Europe - Brent crude rose to $107.43 a barrel.

The benchmark Tokyo rubber futures rose as solid U.S. jobs growth data late last week lifted hopes of improvement in the world’s top economy and caused the dollar to rise against the yen. On Monday, the Tokyo Commodity Exchange rubber contract for December delivery most probably will touch a low of ¥241 per kg.

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