Rubber climbs as Japan's growth data boosts commodity demand
Tuesday, 17 November 2009
TOKYO Nov 16 (Bloomberg): Rubber rebounded after data showed Japan's economy expanded more than projected, boosting investor confidence that an economic recovery will increase demand for the commodity used in tires.
Prices in Tokyo rose as much as 1.3 per cent, extending last week's 2.1 per cent gain. Rubber futures also advanced as a weaker dollar pushed gold to a record, stoking speculation investor demand for commodities will grow, said Takaki Shigemoto, a commodity analyst at research and investment company JSC Corp in Tokyo.
"The strong economic data spurred investors to increase holdings of risky assets, leading to a rally in gold and other commodities," Shigemoto said Monday by phone.
Prices in Tokyo rose as much as 1.3 per cent, extending last week's 2.1 per cent gain. Rubber futures also advanced as a weaker dollar pushed gold to a record, stoking speculation investor demand for commodities will grow, said Takaki Shigemoto, a commodity analyst at research and investment company JSC Corp in Tokyo.
"The strong economic data spurred investors to increase holdings of risky assets, leading to a rally in gold and other commodities," Shigemoto said Monday by phone.