Benchmark Tokyo rubber futures hit a five-week high on Tuesday, extending the rally into a sixth straight session, driven by stronger oil prices on expectations of extended supply cuts, as well as tight physical supplies at the TOCOM warehouses. The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery finished up 8.6 yen, or 3.9 percent, at 228.0 yen ($2.01) per kg, marking the highest close since April 11. The May contract, which is due to expire on May 25, surged 12.5 yen to close at 297.4 yen per kg.
The most-active rubber contract on the Shanghai futures exchange (SHFE) for September delivery climbed 250 yuan to finish at 13,925 yuan ($2,021.2) per tonne. The front-month rubber contract on Singapore's SICOM exchange for June delivery last traded at 155.3 US cents per kg, up 3.8 cents.
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