Tokyo rubber futures hit one-month high

Tokyo rubber futures rose to a one-month high on Tuesday, as sentiment improved on rising oil prices and concerns over supply. The key Tokyo Commodity Exchange rubber contract for September delivery settled up 14 yen or 3.2 percent at 458.1 yen per kg. It rose as high as 466.8 yen or 5.1 percent to its highest since March 7. Dealers said there was heavy speculative buying on a bullish technical outlook after the price broke above resistance at 450 yen.
The Shanghai rubber market is closed for a holiday on Monday and Tuesday. The most active Shanghai rubber contract for September delivery fell 260 yuan to finish at 34,635 yuan ($5,288) per tonne on Friday.