By Vibhuti Agarwal
Shanghai rubber futures led the Asian market higher on Thursday.
The benchmark Tokyo Commodity Exchange rubber contract for April delivery ended up 9.3 yen at Y238.8 ($2.12) a kilogram. The six-month contract hit a 17-month high of Y240.80 a kilogram earlier in the session.
Analysts say speculation in the Shanghai market is becoming a key driver of prices.
A weaker yen against the U.S. dollar and higher Japanese stocks, strengthened by positive U.S. economic data, also lent support to rubber prices.
"Investors continue to buy at the yen depreciation," said Kaname Gokon, an analyst at Tokyo-based Okato Shoji brokerage.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 505 yuan to settle at CNY18,040 ($2,607) a metric ton.
Asian Rubber Futures
Nov 24 Change from previous close
Tocom Apr RSS3 Y238.8/Kg Up Y9.3
Shanghai Jan SCR5 CNY18,040/ton Up CNY505
Sicom Feb RSS3 206.0 US cents/Kg Up 6.2 US cents/Kg
Sicom Mar TSR20 181.5 US cents/Kg Up 3.3 US cents/Kg
USS Nov THB65.70-THB65.86/Kg THB63.53-THB64.69/Kg
Write to Vibhuti Agarwal at email@example.com
(END) Dow Jones Newswires
November 24, 2016 05:51 ET (10:51 GMT)
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