TOKYO: Japanese rubber futures rose almost 6% on Thursday to a nearly two-week high as optimism over prospects for a successful coronavirus vaccine kept the market buoyant.

Osaka Exchange’s rubber contract for April delivery ended the day 12.6 yen, or 5.7%, higher at 232.5 yen ($2.21) per kg, the highest close since Oct. 30.

The rubber contract on the Shanghai futures exchange for January delivery rose 3.2% yuan to finish at 14,490 yuan per tonne. With prices rising after Pfizer said its vaccine candidate was more than 90% effective, markets are now waiting for Moderna Inc’s data on late-stage trials of its Covid-19 vaccine. Strong automobile sales in China, the world’s biggest vehicle market and largest rubber consumer were also supporting prices, with purchases rising 12.5% from a year earlier in October.—Reuters