Japanese rubber futures climbed on Monday, as stronger Shanghai futures prompted buying while a recovery in Tokyo equities helped to offset widespread fears over a global economic slowdown.

The Osaka Exchange rubber contract for December delivery finished 2.7 yen, or 1.1%, higher at 258.2 yen ($1.9) per kg.

The rubber contract on the Shanghai futures exchange for September delivery gained 160 yuan to finish at 13,080 yuan ($1,955) per tonne, after hitting the highest since June 13 of 13,175 yuan earlier in the day.

Japan’s benchmark Nikkei share average rose 0.84% on Monday, supported by utility companies as the country continues to deal with an unprecedented heatwave heading into July.

The front-month rubber contract on Singapore Exchange’s SICOM platform for August delivery last traded at 164.4 U.S. cents per kg, up 0.7%.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.7% from a week earlier, the exchange said on Friday.