New benchmark Tokyo rubber futures inched higher on Tuesday and hit a fresh one-week high on firmer Shanghai futures and higher oil prices, but trade was thin ahead of a Japanese holiday on Wednesday, dealers said. The new Tokyo Commodity Exchange rubber contract for June delivery climbed 0.4 yen, or 0.2 percent, to 168.7 yen ($1.39) per kg from an opening price of 168.3 yen.
On a continuation basis, the rubber benchmark earlier touched a high of 169.9 yen, the highest since December 14. "Stronger Shanghai prices lent support to TOCOM prices," said a Tokyo-based dealer who declined to be named. The most-active rubber contract on the Shanghai Futures Exchange for May delivery rose 220 yuan to finish at 10,695 yuan ($1,651.02) per tonne. Oil prices rose around 1 percent, bouncing off 11-year lows as investors closed bearish positions ahead of the year-end holiday but the global oversupply picture capped gains.
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