Benchmark Tokyo rubber futures rose for a third day to a week's high on Wednesday due to a weaker yen and the eighth straight session of gains in the Japanese equities market. The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for January delivery rose 1.4 yen, or 0.7 percent, to settle at 199.3 yen ($1.9318) per kg.
The contract rose to as high as 199.9 yen during the session, logging its highest since August 14. "The dollar's jump against the yen was the biggest support to the rubber market today," Hiroyuki Kikukawa, general manager at Nihon Unicom Inc said. The most-active rubber contract on the Shanghai futures exchange for January delivery rose 30 yuan to finish at 14,965. The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 164.0 US cents per kg.
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