Tokyo rubber at 30-year high, Shanghai at record

Key Tokyo rubber futures climbed to a fresh 30-year high and Shanghai futures scored a record high on Tuesday on concerns over tight supply and strength in other commodities. The key Tokyo Commodity Exchange rubber contract for April delivery rose as much as 7.6 yen or 2.1 percent to 366.8 yen per kg, the highest for any TOCOM benchmark since 1980. It settled at 365.2 yen, up 6 yen from Monday.
The benchmark contract first hit a 30-year high on Friday, when it jumped nearly 5 percent on heavy speculative buying following the Federal Reserve's move to boost the US economy with abundant liquidity. The most active Shanghai rubber futures contract for May delivery hit limit-up at a record high 37,735 yuan ($5,657) per tonne. It settled at 37,370 yuan per tonne, up from Monday's close of 35,865 yuan per tonne. Volume stood around 1.16 million lots.