Benchmark Tokyo rubber futures jumped more than 4 percent on Thursday to hit an 8-1/2-month high above a key 200 yen level, as firmer oil prices and hopes of a pickup in demand in top buyer China bolstered investors' appetite for risk. "A gain in oil prices, a lower yen and higher stock prices all helped boost risk appetite," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
The Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 8.4 yen, or 4.3 percent, higher at 202.2 yen ($1.84) per kg. It earlier touched a peak of 203.2 yen, the highest since August 3, 2015.
The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have risen about 40 percent since hitting a low of 144.5 yen in February.
The most-active rubber contract on the Shanghai futures exchange for September delivery soared 500 yuan to finish at 13,445 yuan ($2,075.01) per tonne.
The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 159.0 US cents per kg, up 4.3 cent.