Rubber Declines From Seven-Month High on U.S. Budget Concerns
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Rubber retreated from the highest level in more than seven months on concern that U.S. budget talks were deteriorating and as gains in the Japanese currency reduced demand for yen-based contracts.
Rubber for delivery in May lost 1.7 percent to end at 282.8 yen a kilogram ($3,366 a metric ton) on the Tokyo Commodity Exchange. The most-active contract settled at 287.7 yen yesterday, the highest price at close since May 10. Futures have gained 7.4 percent this year.