Tokyo rubber futures jumped to a nine-week peak as a spike in the price of crude oil to a record high helped rubber prices close in on 310 yen. The key Tokyo Commodity Exchange rubber contract for October delivery rose to an intra-day peak of 308.9 yen, up 9.6 yen, or 3.2 percent. It was the highest since March 6.
It was trading at 307.5 yen, up 8.2 yen. Some traders said that while demand for rubber has not fallen, some potential buyers are using stocks rather than buying more of the expensive rubber. Oil took a breather near $122 a barrel on Wednesday ahead of key US weekly inventory data, after it hit a fresh record the previous day on supply concerns and a forecast of oil reaching over $200 a barrel within two years.