TOKYO: Japanese rubber futures closed at their highest in nearly three weeks on Thursday, shrugging of plans to declare a state of emergency in the greater Tokyo due to record new coronavirus cases, and mirroring Shanghai market gains.

The Osaka Exchange’s rubber contract for June delivery rose 7 yen, or 2.9%, to close at 245 yen ($2.37) per kg, after falling earlier in the day when the government confirmed plans to declare an emergency.

Japan was set to impose a one-month state of emergency in Tokyo and three neighbouring prefectures after an advisory panel signed off on it Thursday, while the capital announced a record 2,447 new coronavirus cases.

The rubber contract on the Shanghai futures exchange for May delivery ended 3.5% higher at 14,875 yuan ($2,304) per tonne.