Tokyo rubber futures edged higher on Thursday on the back of firm oil prices, limited supply and hope for the resolution of Greece's debt woes, but profit-taking still capped the upside, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 2.9 yen, or 0.9 percent, to settle at 327.4 yen ($4.05) per kg.
The most-active Shanghai rubber futures contract for May delivery was down 80 yuan to finish at 28,005 yuan ($4,400) per tonne. The front-month April rubber contract on Singapore's SICOM exchange was last traded at 377.0 U.S. cents per kg, down 1.1 cent. "TOCOM rubber rose in line with other commodities on better hopes about Greece debt issue and firm oil prices, but profit-taking by small investors prevent prices from rising much higher," one dealer said. Dealers said TOCOM prices could rise further on Friday.
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