Benchmark Tokyo rubber futures rose to their highest in nearly two weeks on Friday, supported by a lower yen against the US dollar and subdued worries over US-China trade war, dealers said. The Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 1.8 yen higher at 184.8 yen ($1.72) per kg, after touching the highest since April 2 at 185.0 yen. For the week, it booked a 3.1 percent gain.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 40 yuan to finish at 11,505 yuan ($1,829) per tonne. The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 138.4 US cents per kg, down 0.4 cent.
"Yen's fall lent support," said Satoru Yoshida, a commodity analyst with Rakuten Securities, adding that a gradual recovery in Shanghai futures since late March also helped improve market sentiment. The US dollar gained to 107.57 yen, a level not seen since Feb. 22, as an improvement in investor risk appetite buoyed equities and pushed US yields significantly higher.
A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.
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