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TOKYO: Japanese rubber futures rose on Wednesday, tracking Shanghai rally, while firmer oil prices and the yen's drop against the dollar also lent support, though investors remained cautious as the Omicron variant continues to spread worldwide.

The Osaka Exchange rubber contract for May delivery was up 2.2 yen, or 1.0%, at 229.9 yen ($2.0) per kg as of 0306 GMT.

The rubber contract on the Shanghai futures exchange for May delivery was up 150 yuan, or 1.1%, at 14,395 yuan ($2,259) per tonne on Wednesday.

Oil prices rose again on Wednesday, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron variant and as China said it would be able to sustain economic growth.

The dollar gained 0.44% on the safe haven yen. A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.

Omicron infections are multiplying across Europe, the United States and Asia, including in Japan, where a single cluster of COVID-19 cases at a military base has grown to at least 180.

The front-month rubber contract on Singapore's SICOM exchange for January delivery last traded at 168.9 US cents per kg, up 0.5%.

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