BANGKOK: Tokyo rubber futures ended 2 percent higher on Tuesday, supported by a recovery in oil prices and firmness in other commodities, dealers said.
The benchmark rubber contract on the Tokyo Commodity Exchange for October delivery rose 8.0 yen, or 2.1 percent, to settle at 375.9 yen ($4.587) per kg.
Some dealers said they expected TOCOM to rise further on Wednesday after the price finished above resistance at 370 yen.
The most active contract on the Shanghairubber market for September delivery rose 785 yuan to settle at 31,615 yuan ($4,860.174) per tonne.
Despite that small rise, rubber traders said the market was still concerned that global demand could be falling.
"Rubber sentiment improved, tracking a recovery in oil and rising gold, but the rises were still limited," said a Tokyo-based trader.
Brent crude futures rose to $110.77 a barrel on Tuesday, rebounding from the previous day's sharp fall as the prospect of strong oil demand trimming inventories overrode concerns about Europe's debt crisis.
Source: http://www.brecorder.com/top-news/111-markets-top-news/15153-tokyo-futures-rise-2-percent.html
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