Tokyo rubber futures hit another record high

Tokyo rubber futures hit another record high on Wednesday on the back of strong demand and tight supply, but weaker oil prices and profit-taking limited gains, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery rose 1.9 yen to settle at 428.2 yen ($5.22) per kg. It went as high as 429.4 yen, breaking the previous record of 426.6 yen set on Tuesday.
"The rubber trend is still bullish, but technical sentiment was not so good as players took profits from the recent rally, especially when they saw oil prices drop," one dealer said.