Rubber up

Benchmark Tokyo rubber futures rose on Tuesday, bouncing back from a 3-week low hit the previous day, as investors covered short positions after two sessions of losses and as Shanghai futures regained ground despite slumping stock prices in China. The Tokyo Commodity Exchange rubber contract for November delivery finished higher 0.9 yen, or 0.4 percent, at 229.8 yen ($1.86) per kg.
It earlier climbed to as high as 231.6 yen, but ran out of steam in late trade, ending below 230 yen and not far from the previous day's low of 228.7 yen, the lowest since May 26. The most-active rubber contract on the Shanghai futures exchange for September delivery gained 110 yuan, or 0.8 percent, to finish at 14,015 yuan ($2,257.83) per tonne. The front-month rubber contract on Singapore's SICOM exchange for July delivery last traded at 158.5 US cents per kg, down 0.6 cent.