Thailand's National Rubber Committee will seek cabinet approval next week for 15 billion baht ($472 million) to buy rubber after the price of USS3, the rubber sheet sold to factories by farmers, halved since last February. The most active rubber contract on the Tokyo Commodity Exchange, currently June 2012, hit a high of 305.5 yen a kg, its strongest since early November, before ending 6.6 yen higher at 305.1 yen a kg. "The prices are going up on anticipation that this coming Tuesday, the (Thai cabinet) meeting will carry some positive outcome," said Ker Chung Yang, analyst at Phillip Futures in Singapore. "Also we see the crude oil price going up. It's something that is supporting prices at the moment." TOCOM's most active contract struck a lifetime high of 535.7 yen a kg last February. Brent crude rose above $111 on a surprise draw in US oil stocks and hopes of a recovery in demand as the International Monetary Fund (IMF) sought to boost its resources to help countries grapple with the euro zone crisis. Strong equities also lifted TOCOM rubber on Thursday, when Japan's Nikkei average hit a five-week closing high, soaring past its 75-day moving average as the euro climbed on news that the IMF is seeking to bolster its funds to stem the euro zone sovereign debt crisis. In the physical market, tyre grades changed hands at their highest prices in two months as buyers replenished stocks, supply tightened in parts of Asia and Tokyo futures rallied on expectations Thailand would buy rubber from farmers.