Benchmark Tokyo rubber futures rebounded from the previous day's loss on Wednesday as surging Shanghai futures and higher overnight oil prices lent support, although gains were capped below a key 160 yen ceiling due to nagging worries about oversupply, dealers said.
The Tokyo Commodity Exchange's new rubber contract for May delivery finished at 158.1 yen ($1.29) per kg, up 1.7 yen, or 1.1 percent, from its opening price of 156.4 yen. It fell more than 3 percent the previous day. "Strong Shanghai rubber market backed by higher stock market helped ease investors' concerns over slowing demand in China," said Satoru Yoshida, a commodity analyst at Rakuten Securities.
The most-active rubber contract on the Shanghai Futures Exchange for January delivery soared 550 yuan, or 5.4 percent, to finish at 10,775 yuan ($1,686.84) per tonne.
The front-month rubber contract on Singapore's SICOM exchange for December delivery last traded at 114.8 US cents per kg, up 0.3 cent.
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