Benchmark Tokyo rubber futures extended gains for a fourth day on Thursday and hit their highest level in nearly five months, largely because of a weaker yen against the dollar. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have been gaining ground as the dollar continued its climb this week amid a lack of direction from Shanghai futures, which are closed this week for holidays, dealers said.
The TOCOM rubber contract for March delivery finished 1.3 yen higher at 171.9 yen ($1.66) per kg, having earlier touched 172.7 yen earlier, the highest since May 18. The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 144.90 US cents per kg, up 1.9 cents.