Benchmark Tokyo rubber futures rose to 17-month highs on Tuesday, extending gains into a second session, led by a surge in Shanghai futures on speculative buying while firmer oil prices also lent support. "It was another day of speculative trade," said Jiong Gu, an analyst with Yutaka Shoji Co.
The Tokyo Commodity Exchange (TOCOM) rubber contract for April delivery finished 5.4 yen, or 2.4 percent, higher at 229.5 yen ($2.07) per kg. Earlier in the session, it hit its highest since June 25, 2015 at 233.4 yen. The most-active rubber contract on the Shanghai futures exchange for January delivery jumped 970 yuan to finish 17,575 yuan ($2,551.91) per tonne after rising to as high as 17,940 yuan, the highest since July 2014. The front-month rubber contract on Singapore's SICOM exchange for December delivery last traded at 174.5 US cents per kg, up 0.8 cents.
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