By Lucy Craymer
Asian rubber prices closed up Monday, with the benchmark Tokyo rubber contract hitting its highest level since June 2015 after a sharp rally in recent weeks.
Prices continued to be supported by expectations of rising demand for natural rubber that would help reduce stockpiles of the commodity that have built up over the past few years.
However, analysts said speculation in the Shanghai Futures Exchange had driven the rally that has led to prices rising 50% since the start of November.
Asian Rubber Futures
Nov 28 Change from previous close
Tocom Mon RSS3 Y243.3Kg Up Y6.4/Kg
Shanghai May SCR5 CNY18,775/Ton Up CNY420/Ton
Sicom Dec RSS3 US 204.0 cents/Kg Up US4.0 cents/kg
Sicom Dec TSR20 US 175.0 cents/Kg Up US3.4 cents/Kg
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(END) Dow Jones Newswires
November 28, 2016 06:32 ET (11:32 GMT)
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