SINGAPORE: Japanese rubber futures rose on Wednesday to their highest in more than two weeks, driven by Shanghai gains and higher raw material prices.

The Osaka Exchange rubber contract for July delivery finished 2.3 yen, or 0.9%, higher at 251.0 yen ($2.17) per kg, hitting the highest since Jan. 21.

“Shanghai rubber futures rose slightly today, so Japanese rubber futures tracked the Shanghai prices,” a Singapore-based trader said.

“Raw material prices in Thailand are very firm too, so market sentiment is more bullish, lending more support to Japanese rubber prices,” he added.

Thai rubber sheet prices hit 69.90 baht ($2.13) per kg on Wednesday, the highest since June 2021.

The rubber contract on the Shanghai futures exchange for May delivery was up 45 yuan at 14,655 yuan ($2,303.16) per tonne on Wednesday.

The front-month rubber contract on Singapore Exchange’s SICOM platform for March delivery last traded at 179.4 U.S. cents per kg, up 0.3%.