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TOCOM rubber hits 4-month low on risk-adverse mode, weak US auto sales

 TOKYO (April 4): Benchmark Tokyo rubber futures plunged to their four-month low on Tuesday amid stronger risk-adverse mode, which boosted a safe-heaven yen against the dollar, and as weaker-than-expected US auto sales weighed on market sentiment.

Investor appetite for risk has been dulled this week by factors including nerves ahead of an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping and a suspected suicide bombing in St. Petersburg, Russia, on Monday.

“Selling pressure increased as risk aversion spread through wider markets,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

The Japanese yen gained broadly on Tuesday as investors flocked to the safe-haven currency. A stronger yen makes yen-denominated assets less affordable when purchased in other currencies.

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(source in Eximbank)
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