Tokyo Commodity Exchange (TOCOM) futures rose to about 1-week high on Monday as investors were encouraged by a slowdown in coronavirus deaths and news cases in US hot spots, though fears of dwindling global demand capped gains.
TOCOM's rubber contract for September delivery finished 2.6 yen higher at 146.9 yen ($1.35) per kg, after touching 147.3 yen, highest since March 31, earlier in the session.
"The US slowdown in new coronavirus cases came as a good news after a series of bad news, temporarily boosting risk appetite of some investors," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
The front-month rubber contract for May delivery on Singapore's SICOM exchange last traded at 107.3 US cents per kg, up 1.1%.
China's commodity futures markets were closed on Monday for the Qingming Festival holiday. Markets will resume trade on Tuesday, April 7.
US tyremaker Cooper Tire & Rubber said on Friday it will continue temporary plant closures in Americas.
Italian tyremaker Pirelli on Friday scrapped its 2019 dividend and cut forecasts for this year, due to deterioration of the global economic outlook.
General Motors' vehicle sales in China fell 43.3% in the first three months of 2020 from a year earlier, the company said on Friday.
US President Donald Trump on Sunday expressed hope that the United States was seeing a "leveling-off" of the crisis in some of the nation's hot spots for the viral outbreak.
Japan's benchmark Nikkei stock average advanced on Monday helped by Trump's comments, although uncertainty about a potential lockdown in Tokyo kept some investors wary.
Japan will declare a state of emergency as early as Tuesday in a bid to stop the coronavirus, media reported.
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help check global oversupply as the coronavirus pandemic pummels demand.
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