Tokyo, Shanghai rubber up

Tokyo rubber futures jumped 3.6 percent on Wednesday on the back of rebounding stocks and firmness in other commodities, which triggered speculative buying in rubber after recent falls, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for December delivery rose 13.1 yen, or 3.6 percent, to settle at 376.3 yen ($4.78) per kg.
The most active Shanghai rubber contract for January delivery rose 1,175 yuan to finish at 35,000 yuan ($5,407) per tonne. "Technical sentiment improved as stocks and other commodities are up and that encouraged players to take speculative buying positions on rubber after prices fell to a level that was quite cheap," one dealer said. Dealers said TOCOM prices were expected to rise further on Thursday after finishing above key psychological resistance of 370 yen kg.