Benchmark Tokyo rubber futures rose for a third straight session on Thursday to end at their highest in three-and-a-half weeks as market participants continued to pile up positions on the back of a weaker yen, while moves by top rubber producers to raise prices also provided support, dealers said.
Tokyo Commodity Exchange (TOCOM) and Shanghai futures extended gains after leading Asian producers on Wednesday agreed on a plan to charge a significant premium over the exchange-traded futures contract from the second half of 2015 in a bid to raise flagging prices.
The Tokyo Commodity Exchange rubber contract for September delivery finished 2.1 yen higher at 206.8 yen per kg, the highest settlement since March 30. The contract, which touched 207.8 yen earlier, the highest since April 2, is up 5.7 percent from Monday's one-week low. The front-month April contract expired on Thursday at 206.4 yen, up 1.4 yen on the day.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 110 yuan to finish at 13,335 yuan per tonne. The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 140.00 US cents per kg, down 0.1 cent.
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