Tokyo rubber up 2.4 percent

Tokyo rubber futures ended Monday 2.4 percent higher on bargain-hunting, paring the previous session's steep fall to a 2-1/2 year low, but the rally looks unsustainable unless renewed optimism over global demand props up equity markets. The most-active Tokyo Commodity Exchange rubber contract for November delivery closed up 5.6 yen at 237.3 yen. The contract hit an intraday high of 240.2 yen. It hit a low of 227.8 yen in after-close trade on Friday, the lowest since mid-November 2009.
Monday was the last trading day for the TOCOM June contract, which expired down 2.7 yen at 238.3 yen with 262 deliveries. The most active Shanghai rubber contract for September delivery closed down 360 yuan at 22,335 yuan per tonne.