SINGAPORE: Japanese rubber futures climbed to a 9-1/2-month high on Monday as raw material prices from top producer Thailand strengthened, while Asian equities trimmed earlier losses.
The Osaka Exchange rubber contract for July delivery finished 2.7 yen, or 1%, higher at 260.3 yen ($2.26) per kg, after hitting the highest since May 7 of 262 yen earlier in the session.
“Raw material prices have been well-supported and are not going down,” a Singapore-based trader said.
This may have been due to expectations of lower raw material output due to heavy rain in Thailand over the weekend, he added.
Thai rubber sheet prices rose to 72.90 baht ($2.27) per kg on Monday, their highest since June 2021.