Tokyo rubber futures jumped 3 percent at one stage on Friday on the back of rising oil and share prices before investors opted to take profits ahead of the weekend, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 8.0 yen to settle at 335.4 yen ($4.12) per kg.
It rose as much as 3 percent to an intra-day high of 337.4 yen per kg, before profit-taking set in. The most active Shanghai rubber contract for May delivery rose 755 yuan to finish at 28,760 yuan ($4,600) per tonne. The front-month rubber contract for April delivery on Singapore's SICOM futures was last traded at 382.5 US cents per kg, up 2.6 cents.
"Technical sentiment was good and rubber prices rose in line with other commodities, but profit-taking ahead of the weekend limited the rises," one dealers said. Dealers said TOCOM prices were likely to rise further next week to test the next resistance at 340 yen as supply was falling on the physical market.
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