Tokyo rubber futures rallied to their highest in more than two years on Thursday on a firm Nikkei and oil prices, while Shanghai futures powered to another record on lingering supply concerns. Most active Tokyo Commodity Exchange rubber contract for March delivery rose as high as 342.4 yen a kg, its strongest since July 2008, and settled 3.5 yen higher at 338.7 yen. Volume was 8,750 lots.
The physical market tracked futures prices higher, with tyre grade in Thailand, Indonesia and Malaysia traded at record levels in overnight deals. But dealers said TOCOM could undergo a correction as the relative strength index already showed 82.
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