By Vibhuti Agarwal
Asian rubber prices ended higher on Tuesday, tracking a sharp rise in Shanghai rubber futures.
A surge in Shanghai rubber prices "spurred investors into action with a flood of buys," said Kaname Gokon at Tokyo-based Okato Shoji brokerage.
A rally in crude-oil prices on hopes of a production cut at next week's meeting of the Organization of the Petroleum Exporting Countries also led to optimism among investors, he said.
The Tokyo Commodity Exchange rubber contract for April delivery ended 5.4 yen higher at Y229.50 ($2.07) a kilogram.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 965 yuan to settle at CNY17,570 ($2,549) a metric ton.
Asian Rubber Futures
Nov 22 Change from previous close
Tocom Apr RSS3 Y229.5/Kg Up Y5.4
Shanghai Jan SCR5 CNY17,570/ton Up CNY965
Sicom Apr RSS3 203.0 US cents/Kg Up 1.6 US cents/Kg
Sicom Mar TSR20 176.9 US cents/Kg Down 1.4 US cents/Kg
USS Nov THB62.55-THB63.21/Kg THB61.18-THB61.78/Kg
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(END) Dow Jones Newswires
November 22, 2016 06:08 ET (11:08 GMT)
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