Benchmark Tokyo rubber futures rose more than 3 percent on Thursday, rebounding from heavy losses in the previous two sessions, supported in part by Indonesia's plans to start cutting exports in the fourth quarter. The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for February delivery rose 7.9 yen, or 3.6 percent, to settle at 227.0 yen ($2.90) per kg, recovering most of its decline of 3.8 percent over the previous two sessions.
It rose as high as 227.3, the highest since Tuesday. TOCOM rubber has been trading in a range of around 220 to 230 yen in the past week, but will find it difficult to push through 230 yen in the absence of special factors, with the market going back and forth, traders said.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 405 yuan, or 1.9 percent, to finish at 22,030 yuan ($3,500) per tonne. The front-month rubber contract on Singapore's SICOM exchange for October delivery last traded at 258.00 US cents per kg, up 5.1 cents.