Tokyo Futures Rise On Back Of Oil Rally

Key Tokyo rubber futures rose on Wednesday (Mar 2) as sentiment improved on an overnight rally in oil prices and as supply concerns remained.
FUNDAMENTALS
The key Tokyo Commodity Exchange rubber contract for August delivery climbed 4.9 yen, or 1 percent, to 482 yen per kg as of 0002 GMT.
The contract climbed as high as 484.1 yen on Tuesday (Mar 1), the highest since Feb 24.
The most active Shanghai rubber contract for May delivery closed up 50 yuan at 39,365 yuan ($5,990) per tonne on Tuesday (Mar 1).
U.S. crude extended gains to rise above $100 a barrel on Wednesday (Mar 2), after posting its highest settlement since Sept. 30, 2008 on Tuesday (Mar 1). Oil jumped on Tuesday (Mar 1) as protests across North Africa and the Middle East stirred concerns about supplies from top Gulf OPEC producers.
The euro stayed on the backfoot early in Asia on Wednesday (Mar 2) after yet again failing to break through a key resistance level, helping lift the dollar off a 3-½ month low against a basket of major currencies.
(Reuters, March 2, 2011)