Tokyo rubber futures up

Key Tokyo rubber futures rose 2.3 percent in early morning trade on Thursday as big earnings surprises in the Wall Street boosted hopes for a sustained global economic recovery and pushed up oil prices. The key Tokyo Commodity Exchange rubber contract for September delivery was up 10 yen at 435.9 yen per kg as of 0006 GMT. The most-active Shanghai rubber contract for September delivery also rose 1,005 yuan to settle at 34,875 yuan ($5,340.409) per tonne on Thursday.
Thailand, the world's biggest rubber producer and exporter, should produce 3.46 million tonnes of rubber this year, down one percent from a January forecast due to heavy floods. Indonesian tyre grade SIR20 rubber stored in Chinese warehouses was sold at $100 below spot prices quoted in Southeast Asia.