Tokyo rubber futures ended near a 30-year-peak on Thursday as tight supply and firm oil helped the contracts defy pressure from a stronger yen. The key Tokyo Commodity Exchange rubber contract for May delivery settled 3.1 yen a kg higher at 380.3 yen, having hit a high 382.5 yen a kg, its highest since November 11, when the contract jumped to a 30-year high at 383 yen.
"I would think that speculators may still want to buy up so that prices will test the previous high. Supply is the main concern," said a dealer in Thailand's southern city of Hat Yai. The most active Shanghai rubber futures for May delivery ended at 33,100 yuan a tonne, up from Wednesday's close of 32,200 yuan.
The contract struck a lifetime high around 38,900 yuan in November. In the physical market, Thai, Indonesian and Malaysian rubber grades changed hands at record highs as tyre makers rushed to stock up on fears that prices would rise further after bad weather disrupted supply in main producing countries.
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