Key TOCOM rubber futures recouped earlier losses to close higher on Friday, but marked their first weekly loss in five weeks as buying prompted by Thailand's plan to support prices petered out. But there was psychological support at and above 300 yen as Thai intervention is expected to start mid-month and given the likelihood of seasonal tightness in rubber supplies over the coming weeks.
"There are fewer people worried about downside risks now that Thailand's intervention is due to start soon," said a trader at a Japanese commodity brokerage. The key Tokyo Commodity Exchange rubber contract for July delivery settled up 3.6 yen per kg or 1.2 percent at 314.7 yen on Friday after falling as low as 308.6 yen. The benchmark TOCOM contract fell 0.7 percent on the week. The most active Shanghai rubber contract for May delivery rose 420 yuan to 27,730 per tonne.
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