TOKYO: Japanese rubber futures hit a more than nine-month high on Monday, on fears of supply disruption in top producer Thailand due to political unrest, while hopes for a steady demand pick-up in top buyer China prompted fresh buys.
Osaka Exchange's (OSE) rubber contract for March delivery finished 3.5 yen, or 1.7%, higher at 204.1 yen ($1.94) per kg. It hit its highest since Jan. 17 of 208.0 yen earlier in the session.
The most-active rubber contract on the Shanghai futures exchange for January delivery jumped 515 yuan to end at 14,075 yuan ($2,105) per tonne, extending its rally into a seventh straight session. It touched its highest since January 2018 of 14,370 yuan earlier in the session.
The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 153.2 US cents per kg, up 1.7%. "Ongoing protests in Thailand have fanned fears over supply disruption while China's steady economic recovery boosted hopes for stronger demand," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
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