Benchmark Tokyo rubber futures rose for a third straight session on Wednesday, continuing to rebound from an eight-month low hit last week, on the back of a weaker yen against the dollar, brokers said. TOCOM prices have fallen 10 percent this year amid worries over global rubber demand and a significant strengthening of the yen against the dollar, which has been trading not far from a multi-year low.
The Tokyo Commodity Exchange rubber contract for July delivery finished 2.2 yen higher at 186 yen ($1.73) per kg after hitting its highest since February 15 earlier. The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 144.40 US cents per kg, up 0.2 cent.
The greenback rose 0.3 percent to 107.70 yen. A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies. Chinese financial markets will reopen on Thursday after the Lunar New Year holiday.
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