January 28, 2011 / 3:57 PM / 9 years ago

EURO GOVT-Bund future at session high on Egypt unrest

LONDON, Jan 28 (Reuters) - German Bund futures rose to a session high on Friday, with traders citing market talk that unrest in Egypt could close the Suez Canal.

The Bund future FGBLc1 rose as much as 34 ticks on the day to 123.68, as crude oil prices extended gains.

Traders cited talk of unrest in the city of Suez, raising fears the canal may have to be closed.

“Oil is going up in general and bonds are rallying,” the trader said. “The market is quite short and there’s a good chance we could squeeze some shorts.”

Reporting by Emelia Sithole-Matarise

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