Benchmark Tokyo rubber futures hit a more than three-month high on Tuesday as Shanghai futures extended gains to touch their highest in over five months, while a rally in industrial metals helped boost investor risk appetite, dealers said. The Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery ended 0.7 yen higher at 228.6 yen ($2.09) per kg after earlier rising to 231.8 yen, the highest since May 24.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 245 yuan to close at 17,335 yuan ($2,647) per tonne. It earlier climbed to as high as 17,435 yuan, the highest since March 22. The front-month rubber contract on Singapore's SICOM exchange for October delivery last traded at 167.4 US cents per kg, up 4.1 cent.