Key Tokyo and Shanghai rubber futures hit record highs on Wednesday on lingering concerns over supply shortages, while the outlook for demand remained solid. The key Tokyo Commodity Exchange rubber contract for June delivery rose as high as 468.5 yen per kg before settling at 467.4 yen, up 14 yen or 3.1 percent.
The most active Shanghai rubber futures contract for May delivery climbed as high as 39,980 yuan ($6,074) per tonne, exceeding the previous peak of 38,920 yuan scaled in November. The contract closed at 39,920 yuan per tonne, up 1,795 yuan from Tuesday. Volume inched up to 772,250 lots from Tuesday's 726,428 lots. Japan's crude rubber inventories rose 1 percent in the 10 days to January 10, rising for the first time in two months, Rubber Trade Association of Japan data showed on Wednesday.
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