Tokyo, Shanghai rubber futures hit records

Key Tokyo and Shanghai rubber futures hit record highs on Friday as speculators continued to bet on further market upside due to strong demand and supply tightness. The key Tokyo Commodity Exchange rubber contract for June delivery settled at 477.6 yen, up 11.9 yen or 2.6 percent, after scaling a record high of 478.1 yen per kg.
The market posted a weekly gain of about 4 percent, easing slightly from the previous week's 5.3 percent rise. Japanese traders have said TOCOM futures could even hit 500 yen in the next month as the wintering season begins in producing countries and reduces output. The most active Shanghai rubber futures contract for May delivery closed at 40,650 yuan ($6,173) per tonne, up from Thursday's close of 40,130 yuan. The contract hit a record high of 40,985 yuan per tonne earlier on Friday.