Natural rubber futures on the Tokyo Commodity Exchange rose 2.5% Thursday to their highest level in more than 15 months on supply concerns from major growing regions and fresh speculative buying, said trade participants.
The benchmark June contract traded Y7.5 higher at Y304.1 a kilogram, a level not seen since late September 2008.
"Supplies from Thailand have been tight, but this has been the situation for quite some time now," said an executive at a Tokyo-based commodities brokerage.
He said speculative buyers who already have a large portfolio of long positions are pushing up prices further but the market is in overbought territory.
Traders said a downward correction is expected later Thursday.
(Source: irco.biz)
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