Rubber prices advance

IN Brief

Rubber prices advance

COMMODITIES :Natural rubber futures in Tokyo, the global benchmark, advanced to the highest in more than six weeks yesterday after the yen declined against the US dollar, boosting the appeal of yen-denominated contracts.

Rubber futures often move in the opposite direction to the yen as the commodity trades globally in dollars. The currency dropped to 114.49 per dollar yesterday as a rally in global stocks raised demand for higher-yielding assets funded by loans from Japan.

"Futures drew support from the currency market, as cash rubber prices were unchanged," said Takaki Shigemoto at the Tokyo broker Okachi & Co.

Rubber for June delivery closed up 2.3%, to 308.9 yen a kilogramme on the Tokyo Commodity Exchange.

As well, weather in Thailand drove speculation that the low-production wintering period may start in late January, compared with February in most years, Mr Shigemoto said. BLOOMBERG

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Tiger sponsors festival

MARKETING :Thai Asia Pacific Brewery, the maker of Tiger beer, will spend 20 million baht to stage the Tiger Translate Music and Art Festival on Jan 5.

Yodchaval Tirakanoksatit, marketing manager for Tiger Beer, said the company would turn a 10,000 sq m space at Suan Lum Night Bazaar into a music and art venue to attract people working in creative businesses.

Tiger's sales growth has been in double digits in recent years, including 40% growth in restaurants this year, he said.