Benchmark Tokyo rubber futures hit a near 16-month high on Wednesday, extending gains on a weaker yen and firmer crude oil prices. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have also got support from a jump in Shanghai futures, which rose to a near 17-month high hit on Monday.
The Tokyo Commodity Exchange rubber contract for April delivery finished 12.1 yen higher at 212.4 yen ($1.95) per kg after touching 212.7 yen earlier, the highest since July 24, 2015. The most-active rubber contract on the Shanghai futures exchange for January delivery rose 935 yuan to finish at 16,540 yuan. The front-month rubber contract on Singapore's SICOM exchange for December delivery last traded at 172 US cents per kg, up 5.6 cents.
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