Tokyo rubber futures up

Tokyo rubber futures rose 2.3 percent to near a one-week high on Tuesday on strong oil prices and a recovery stock markets, but concerns of unrest in Libya added downward pressure, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 10.7 yen to settle at 477.1 yen ($5.84) per kg. It rose as high as 484.1 yen per kg, the highest since Feb 24.
The most active Shanghai rubber contract for May delivery also rose 50 yuan to settle at 39,365 yuan ($5,990) per tonne. TOCOM rubber were expected to rise further to test the next resistance of 480 yen per kg on Wednesday after prices finished above a key psychological support level of 475 yen per kg, dealers said.