Tokyo rubber futures ended 3 percent higher on Friday due to supply concerns after Thai moves to halt exports, supported by firmer crude oil prices. But prices came off their highs after the benchmark failed to test resistance at 430 yen and some operators sold to reduce risk over the weekend.
The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 11.7 yen, or 3 percent, to settle at 408.6 yen ($5.05) per kg. It went as high as 425.5 yen, the highest since March 10, the day before the devastating earthquake in Japan. TOCOM rubber hit a record high in mid-February but began to fall in early March due to unrest in the Middle East. The Japanese earthquake added to the downward pressure, but prices started to recover this week after Thailand, the world's biggest producer, asked exporters to halt shipments to prop up the market. The most active Shanghai rubber contract for May delivery rose 1,000 yuan to settle at 35,335 yuan ($5,377) per tonne.
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