Benchmark Tokyo rubber futures ended 0.4 percent higher on Wednesday, helped by a weaker yen, the Thai cabinet's approval of measures to support its rubber market and broad-based gains in global commodities led by copper and crude oil, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for March delivery rose 0.7 yen to settle at 193.1 yen ($1.81) per kg, after nearing a one-month high hit on Monday.
The gains came after Thailand's cabinet passed a 58 billion baht ($1.8 billion) plan on Tuesday to support rubber farmers who, reeling from a slump in prices, had threatened protests against the military-led government. The scheme will include direct payments to farmers based on how much land they farm plus buying in the market by the Rubber Estate Organisation, a state agency. The most active rubber contract on the Shanghai futures exchange for January delivery rose 140 yuan to finish at 12,880 yuan ($2,105) per tonne. Singapore's SICOM exchange was closed on Wednesday due to a public holiday.
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