Natural rubber futures on the Tokyo Commodity Exchange rose Thursday to Y260 a kilogram for the first time in 14 months on fresh buying, spillover strength from gold and strong supply-demand fundamentals.
The benchmark May RSS3 grade contract on Tocom traded Y4.4 higher at Y260/kg.
"Gold is the market leader these days. Rubber is just following gold, prompting investors to set up long positions," a senior executive at Tokyo-based commodities brokerage said.
If natural rubber rises above Y260/kg, as is likely, next level of technical resistance is Y270, he said.
Prices have more than doubled since falling to Y99.8/kg in the first week of December 2008.
(Source: irco.biz)
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