Tokyo rubber futures edge higher

Key TOCOM rubber futures crept up on Thursday, after a sharp 3.7 percent drop in the previous session, supported by easing fears about the euro zone debt crisis although investors remained cautious on the outlook for global growth. The key Tokyo Commodity Exchange rubber contract for September delivery settled up 3.2 yen, or 1 percent, at 313.4 yen per kg.
"Many participants were sidelined and the market remains vulnerable to external factors such as moves in US shares and corporate earnings," said Naoki Asami, chief broker at trading house Kanetsu. "We see resistance at around 315 yen, and a further, steady rise is likely if the market goes through that level."
The most active Shanghai rubber contract for September delivery rose 170 yuan to close at 26,850 yuan per tonne. The front-month May rubber contract on the SICOM in Singapore was last traded at 365 US cents per kg, up 0.3 cents.