Benchmark Tokyo rubber futures ended at a two-week high on Wednesday, buoyed by bullish gains in Shanghai market. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have recovered from near a five-month low hit earlier this month mainly on hopes of renewed demand from top consumer China.
The Tokyo Commodity Exchange rubber contract for May delivery finished 3.5 yen higher at 199.5 yen ($1.79) per kg. The most-active rubber contract on the Shanghai futures exchange for May delivery rose 330 yuan to finish at 14,210 yuan ($2,154.07) per tonne. Earlier in the session, it hit 14,295 yuan, the highest since Nov. 14. The front-month rubber contract on Singapore's SICOM exchange for December delivery last traded at 139.20 US cents per kg, down 0.4 cent.