Tokyo rubber jumps four percent

Key Tokyo rubber futures rose nearly 4 percent on Thursday as a rally in Shanghai rubber futures encouraged investors to buy back the commodity after the market hit a near two-week low the day before on profit-taking. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery, which debuted on Wednesday, settled at 467.3, up 10.1 yen or 2.2 percent at 457.2 yen. It rose as high as 474.8 yen, up 17.6 yen or 3.8 percent.
The most active rubber contract on the Shanghai futures exchange for May deliver closed at 40,550 yuan ($6,162) per tonne on Thursday, up from Wednesday's 39,280 yuan. The contract rose as high as 40,830 yuan, just below a record high of 41,200 yuan hit on Monday. Volume stood at 630,734 lots.