Benchmark Tokyo rubber futures ended higher for a fourth straight session on Thursday after hitting a one-month high earlier, buoyed by firm oil futures and bullish Shanghai futures, dealers said. Rubber also got support from a slightly weaker yen against the dollar, which makes commodities denominated in the Japanese currency cheaper for holders of other currencies.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, may rise into a range of 223.10-236.70 yen per kg in three months, as suggested by its wave pattern and a Fibonacci retracement analysis, according to Wang Tao, a Reuters market analyst.