Tokyo rubber futures ended 1.5 percent higher on Wednesday as Asian shares edged higher, but lingering worries over Europe curbed buying after a 2-1/2 year low hit earlier this week. Risk appetite has been curbed by a lack of detail in a loan agreement to help Spain's banks recapitalise, and concerns that the scheme could further aggravate Madrid's fast-rising public debts and force it to seek bailouts similar to those for Greece, Ireland and Portugal.
The most-active Tokyo Commodity Exchange rubber contract for November delivery closed up 3.6 yen at 242.6 yen per kg. The November contract has tested, but failed to break decisively above a psychological resistance of 250 yen this month amid the concerns over Europe.
The contract this week touched a low of 232.2 yen, the lowest for any benchmark since November 2009. In Shanghai, the most active rubber contract for September delivery closed up 65 yuan at 22,340 yuan per tonne. The front-month July rubber contract on the SICOM in Singapore was last traded unchanged at 285.40 US cents per kg.