TOKYO: Japanese rubber futures extended gains on Friday, hitting a near 6-month high after Beijing’s additional measures to revive the crisis-hit property market boosted hopes for demand recovery and sent Shanghai market higher.

The Osaka Exchange (OSE) rubber contract for February delivery rose 10.0 yen, or 4.7% to finish at 224.2 yen ($1.5) per kg, its highest closing price since March 7.

For the week, the benchmark rose 5.8%, posting its third straight weekly gain.

The rubber contract on the Shanghai futures exchange (SHFE) for January delivery soared 800 yuan to finish at 14,160 yuan ($1,950) per metric ton, reaching the highest since March 10, 2022.

“The OSE tracked Shanghai market, which surged after China rolled out more measures to help its ailing property market,” a Tokyo-based dealer said, adding aggressive buying by speculators accelerated the gain in Shanghai.

“The increases in Shanghai and Osaka also widened because Singapore market was closed for a holiday, attracting trades,” he said. China’s central bank and financial regulator on Thursday issued notices to ease some borrowing rules to aid homebuyers, including lowering the existing mortgage rate for first-home buyers and the down payment ratio in some cities.