Rubber soars

Benchmark Tokyo rubber futures extended gains to hit an 8-month high on Tuesday as firmer prices of oil and other commodities fed appetite for risk, while China's solid auto sales in March bolstered hopes of a pick-up in demand in the world's top buyer. The Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 3.8 yen, or 2.1 percent, higher at 189.0 yen ($1.75) per kg, after a 4.6 percent jump the previous day.
The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, earlier touched a high of 190.2 yen ($1.76), surpassing last week's high of 188.4 yen and hitting the highest since August 18 last year. The most-active rubber contract on the Shanghai futures exchange for September delivery surged 400 yuan to finish at 12,425 yuan ($1,924.18) per tonne.