Benchmark Tokyo rubber futures rose on Friday, taking their cue from crude oil prices in the absence of firm indications on the outlook for the fragile world economy. The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for February delivery rose 3 yen, or 1.2 percent, to settle at 257 yen ($3.28) per kg. The contract is up 0.9 percent this week.
It earlier rose as high as 259.9 yen, just shy of a three-and-a-half month high of 260 yen reached on Wednesday as the market was buoyed by hopes that demand would rise after the Bank of Japan eased monetary policy. The front-month rubber contract on Singapore's SICOM exchange for October delivery last traded at 251 US cents per kg, up 0.6 cents. The most-active rubber contract on the Shanghai Futures Exchange for January delivery settled at 24,140 yuan ($3,800), up 260 yuan from the previous close of 23,880 yuan. Prices have since tracked moves in oil futures, without fresh impetus.