Rubber rises 2.3 percent

Benchmark Tokyo rubber futures rose 2.3 percent on Wednesday to close at a near seven-week high, tracking jumps in Shanghai rubber futures on the back of a weaker yuan, sources said. The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for August delivery started morning trade down more than 2 percent, but settled up 5.3 yen at 240.3 yen ($2.33) per kg, its highest close since January 24. The contract jumped as much as 3.3 percent to an intraday high of 242.8 yen, after Shanghai futures jumped by more than 5 percent in early trade.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 845 yuan, or 5.7 percent, to finish at 15,765 yuan ($2,600) per tonne. The front-month rubber contract on Singapore's SICOM exchange for April delivery last traded at 193.50 US cents per kg, up 1 cent.