Benchmark Tokyo rubber futures climbed on Wednesday as investors unwound short positions following gains in Shanghai futures and on hopes forThailand’s efforts to support prices.
The Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery finished 1.4 yen higher at 214.3 yen ($1.93) per kg, moving away from a one-week low of 206.5 yen hit early Tuesday.
“Investors bought back as the market quickly bounced back from the recent lows and on the back of stronger Shanghai market,” said a Tokyo-based dealer.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 220 yuan to finish at 16,265 yuan ($2,430) per tonne.
