Rubber Retreats From 10-Month High Amid European Debt Concerns
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Rubber dropped from the highest level in more than 10 months on renewed concern that the European debt crisis will derail the global economic recovery, reducing demand for the commodity used in tires.
The contract for delivery in July closed 0.5 percent lower at 331.5 yen a kilogram ($3,596 a metric ton) on the Tokyo Commodity Exchange after earlier declining by as much as 1.5 percent. Futures ended at 333.3 yen yesterday, the highest settlement price for the most-active contract since March 28.