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Rubber Gains on Yen’s Weakness, Oil Pares Losses

November 13, 2013 at 3:06 by Vladimir Vyun

Crude oil rose today after yesterday’s decline. Crude was falling as analysts predicted that official data will show an increase of US inventories. Concerns about possible stimulus reduction by the Federal Reserve were another negative factor for the commodity. December futures for delivery of WTI crude oil rose $0.18 (0.19 percent) to $93.22 per barrel as of 2:55 GMT on NYMEX today. Brent crude advanced $0.19 (0.18 percent) to $106.00 per barrel on ICE.

Rubber prices were higher thanks to the weakness of the Japanese yen. Japan’s currency was under pressure from nation’s policy makers, who want to make it weaker in order to help domestic exporters. This was helping the yen-priced commodity. Gains were limited, though, due to the forecast of increasing supply from major producing countries. April contract for rubber gained ¥0.3 (0.12 percent) to ¥258.9 per kilogram on TOCOM.

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