Benchmark Tokyo rubber futures closed up 1.5 percent at a one-week high on Wednesday, buoyed by a jump in oil prices, which had tumbled to a three-month low in the previous session. Healthy gains in crude prices helped ease the downward pressure on rubber prices after touching a 2-1/2 month low last week, said a Tokyo-based broker.
Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in US crude stockpiles and as Goldman Sachs put a positive spin on Opec's compliance with output cuts.
The Tokyo Commodity Exchange (TOCOM) rubber contract for August delivery finished up 4 yen at 266 yen ($2.32) per kg. The most-active rubber contract on the Shanghai futures exchange for May delivery rose 15 yuan to finish at 17,715 yuan ($2,563) per tonne.
The front-month rubber contract on Singapore's SICOM exchange for April delivery last traded at 199.7 US cents per kg, up 3 cents.