Tokyo rubber futures up two percent

Bangkok  (december 03, 2010) : tokyo rubber futures rose more than 2 percent to the highest in nearly two weeks on thursday, tracking gains on stock markets, with positive global economic data providing additional support, dealers said. the benchmark contract on the tokyo commodity exchange for may delivery rose 8.2 yen, or 2.2 percent, to settle at 371.7 yen ($4.42) per kg, the highest since november 22.
tocom rubber was expected to rise further to test resistance at 380 yen on friday after prices finished above the psychological level of 370 yen, dealers said. a rally in commodities on wednesday helped spur follow-through buying, with sharp gains in us wheat and gasoline futures after positive economic data from the united states and china and a stronger euro boosted investor confidence about demand. us auto sales rose 17 percent in november from a year earlier, a stronger-than-expected gain that pointed to a slow but steady return in consumer demand from the depressed levels of a year ago.

(Source: http://www.brecorder.com/news/agriculture-and-allied/world/1130012:tokyo-rubber-futures-up-two-percent.html?hl=rubber)