Rubber futures rise by more than 3%

Wednesday, 18 July 2012 01:10 - - {{hitsCtrl.values.hits}}

TOKYO (Reuters): Benchmark Tokyo rubber futures rose more than three per cent early on Tuesday as firm oil prices and a jump in the Shanghai rubber market to around a seven-week high the previous day buoyed confidence and offset a stronger yen.

The bellwether contract for December delivery on the Tokyo Commodity Exchange rose as high as 256.9 yen per kg, up 3.6 per cent. The contract traded up 6.8 yen, or 2.7 per cent, at 247.9 yen as of 0035 GMT.

On Monday, when Japan’s market was closed for holiday, the most active Shanghai rubber contract for September delivery rose as high as 24,780 yuan per tonne, its highest since 22 May, before closing at 24,605 yuan.

The strong rise on the TOCOM market defied the yen’s rise on Monday to a one-month high of 78.69 per dollar.