Rubber Climbs for Third Day as Higher Oil Boosts Cost of Rival
Rubber advanced for a third day after crude oil increased, raising the appeal of the commodity as an alternative to synthetic products made from petroleum.
Futures in Tokyo gained as much as 3.5 percent to the highest since Sept. 14, when prices fell the most in nine months on concern that U.S. tariffs on tire imports from China may weaken rubber demand in the Asian country.
Crude oil in New York rallied 2.2 percent yesterday after the U.S. Energy Department reported stockpiles of the fuel in the biggest energy consuming nation dropped to the lowest level since January. (Bloomberg)
http://www.bloomberg.com/apps/news?pid=20601012&sid=aHx9RhId5DDg
Thursday, September 17, 2009
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