Tokyo rubber futures rose to a one-week high on Thursday as firm oil prices helped spur buying, pushing prices to finish above a major support level of 200 yen, dealers said. The Tokyo Commodity Exchange rubber contract for December delivery rose 3.5 yen to settle at 202.9 yen ($2.00) per kg, its highest since July 8. "Firm oil prices encouraged players to take speculative buying positions," said a Bangkok-based dealer.
Dealers said TOCOM sentiment improved after prices finished above a major support level of 200 yen and could rise further on Friday. However, profit-taking ahead of the weekend could limit gains. The most-active rubber contract on the Shanghai futures exchange for September delivery rose 215 yuan to finish at 14,235 yuan ($2,300) per tonne. The front-month rubber contract on Singapore's SICOM exchange for August delivery was last traded at 167.7 US cents per kg, up 0.9 cent.
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