Tokyo rubber futures extended gains on Wednesday, with the new benchmark contract rising to a lifetime high, but further rises were limited with many investors waiting to lock in profits, traders said. The June 2011 contract, which debuted on Wednesday, rose to 417.0 yen during the regular day session before settling at 413.5 yen per kg.
The most active May contract, the previous benchmark, settled down 0.3 yen or 0.1 percent at 412.8 yen. "The market spurted in early morning trade, but caution about high prices spread, leading many investors to stay on the sidelines and look for a chance to lock in profits," a trader said. Oil prices rose on Wednesday to hover just below $90 a barrel, supported by data showing a drop in US oil and gasoline inventories, and a cold snap in the United States and Europe amid thin trading volumes.
Indonesian rubber changed hands at historic highs of $4.872 a kg for nearby shipment, surpassing the Thai RSS3 grade by a few cents for the first time in years after incessant rains curbed supply. The most active Shanghai May rubber futures closed at 36,585 yuan a tonne on Wednesday, down 3 percent from Tuesday's close of 37,685 yuan. Trading volume fell 10 percent to 1.06 million lots.
For China's imports and exports of sugar, cotton, rubber, coffee and cocoa in November and the first 11 months of the year as reported in official customs figures. Korean manufacturer Hyundai Motor and its Kia Motors affiliate shared the top spot for crash safety in a broad review of 2011 models. The US auto market will likely recover further to around 13 million vehicles next year from less than 12 million in 2010, the head of Japan's auto lobby said on Wednesday.