Benchmark Tokyo rubber futures closed 3 percent higher on Thursday, following a near 5-percent tumble in the previous session, as oil prices rallied after Opec cut a deal to reduce output and on a weaker yen against the dollar. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, extended gains in the afternoon to more than 4 percent.
The Tokyo Commodity Exchange rubber contract for May delivery finished up 6.8 yen at 234.9 yen per kg. The most-active rubber contract on the Shanghai futures exchange for May delivery fell 130 yuan to finish at 18,085 yuan per tonne. The front-month rubber contract on Singapore's SICOM exchange for January delivery last traded at 172 US cents per kg, up 2.5 cents.
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