Benchmark Tokyo rubber futures hit a record high on Monday as concerns over tight supply continued to lend support, while a weaker yen also boosted sentiment. The key Tokyo Commodity Exchange rubber contract for July delivery rose as high as 520 yen, the highest ever for any benchmark, before settling at 518.7 yen per kg, up 4.8 yen, or 0.9 percent, from Thursday's settlement of 513.9 yen.
Japanese financial markets were closed on Friday for a national holiday. Traders said speculative buying due to concerns about tight supply is expected to drive up prices. The price of benchmark Thai RSS3 rose to a new record again on Monday. The most active Shanghai rubber futures for May delivery closed at 42,860 yuan ($6,503) per tonne, up 175 yuan from Friday's close of 42,685 yuan. They marked a record high of 43,500 yuan last week. Volume stood at 444,090 lots. Great Wall Motor Co Ltd, China's largest sport-utility vehicle maker, said on Monday it expected its profit for 2010 to rise more than 50 percent from the previous year.
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