Tokyo, Shanghai rubber set another record

Tokyo rubber futures rose further on Monday, setting another record high, because of concern about tight supply from producing countries, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery rose 4.5 yen to settle at 482.1 yen ($5.84) per kg. It rose as height as 484.9 yen at one stage, the highest ever.
The most active rubber futures contract on Shanghai Exchange also hit a record high of 41,200 yuan ($6,258) per tonne, before settling at 40,465 yuan.
TOCOM rubber prices were expected to rise further to test resistance at 490 yen per kg on the back of limited supply while demand remained strong, dealers said.
Thailand's benchmark physical rubber price, RSS3, was also offered at a record high on Monday of $5.82 per kg.