Benchmark Tokyo rubber futures rebounded on Friday on the back of the yen's drop and solid Shanghai market, but the contract still booked a fourth straight weekly loss amid worries about prolonged oversupply and softer demand in China. The Tokyo Commodity Exchange (TOCOM) rubber contract for May delivery gained 4.9 yen, or 2.6 percent, to 195.9 yen ($2) per kg. It earlier rose to a three-day high of 196.4 yen. For the week, it lost 0.8 percent, marking a fourth straight weekly losses.
TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have been on bearish tone since mid-November, nearing five-year lows hit in early October. The most-active rubber contract on the Shanghai futures exchange for May delivery rose 270 yuan to finish at 12,235 yuan ($1,978) per tonne. The front-month rubber contract on Singapore's SICOM exchange for January delivery last traded at 144.70 US cents per kg, up 1.6 cent.
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