Tokyo, Shanghai rubber higher

Key TOCOM rubber futures ended 2 percent higher on Thursday after EU leaders and banks reached a deal on a 50 percent writedown for private bondholders on their Greek debt, boosting the euro, oil and shares, but growing worries about the effects of floods in Thailand capped the gains.
The key Tokyo Commodity Exchange rubber contract for April delivery settled up 6.0 yen at 299.9 yen per kg. The most active Shanghai rubber contract for January delivery rose 2.8 percent to close at 27,615 yuan per tonne. Volume stood at 1.52 million lots. "The key contract rose, tracking gains in the euro, oil and other commodities, but the market is worried that the floods in Thailand and the supply disruptions there will curtail car output and dampen demand," said Kazuhiko Saito, chief commodities analyst at trading house Fujitomi. Oil prices rose, with Brent climbing above $110 per barrel, after European leaders struck a deal with private holders of Greek debt to write down half their holdings and agreed to boost the region's rescue fund.