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TOKYO: Japanese rubber futures rose to a near four-month high on Monday as a sharp gain in the Shanghai market and hopes of faster economic growth globally boosted the commodity’s price.

Osaka Exchange’s rubber contract for new August delivery finished at 276.3 yen ($2.6) per kg, up 2.7 yen, or 1.0%, from an opening price of 273.6 yen. The benchmark contract climbed to 276.9 yen, its highest since Oct. 30 in earlier session.

The rubber contract on the Shanghai futures exchange for May delivery surged 415 yuan to finish at 15,840 yuan ($2,449) per tonne.

Rubber markets were also helped by hopes of easing in Sino-US tensions as senior Chinese diplomat Wang Yi said the two countries could work together on issues like climate change and the pandemic if they repaired their damaged bilateral relationship.

The front-month rubber contract on Singapore’s SICOM exchange for March delivery last traded at 173.9 US cents per kg, up 1.9%.

The OSE’s February contract expired at 252.8 yen per kg on Friday.

Japanese financial markets will be closed on Tuesday for a national holiday.