Key TOCOM rubber futures ended slightly higher on Wednesday, tracking gains in the Shanghai market, although lingering worries about slower demand growth capped gains. The key Tokyo Commodity Exchange rubber contract for April delivery settled up 0.7 percent, or 1.7 yen, at 255.1 yen per kg. The benchmark contract rose as far as 256.4 yen after the Shanghai market climbed to its highest so far this week at 24,900 yuan per tonne.
"A rise in the Shanghai market slightly lifted TOCOM prices in the afternoon, but overall sentiment is weak due to a slowdown of the global economy," said Toshitaka Tazawa, an analyst at trading house Fujitomi Co. The most active Shanghai rubber contract for January delivery closed up 1.1 percent at 24,780 yuan.
The front-month November rubber contract on the SICOM in Singapore was last traded at 283.5 US cents per kg, up 0.1 percent. Japan's Nikkei share average advanced on Wednesday as investors took comfort that some firms, such as Hitachi Ltd and Komatsu Ltd, did not cut their full-year earnings guidance as feared.