Rubber nears 16-month high

Prices have advanced 8.3 per cent this month after more than doubling last year. (GETTY IMAGES)

Rubber yesterday climbed for the first time in three days after the world's biggest producers said the current price was appropriate and they agreed to support the market.

Futures in Tokyo gained as much as 2.8 per cent to ¥303.1 a kilogramme ($3,347 a tonne), nearing a 16-month high of ¥306 reached on January 15.

June-delivery rubber gained 1.4 per cent to settle at 299 yen on the Tokyo Commodity Exchange.

Prices have advanced 8.3 per cent this month after more than doubling last year.

Rubber for May delivery on the Shanghai Futures Exchange added 1.1 per cent to settle at ¥25,045 a tonne. The price advanced to 26,170 yuan on January 11, the highest level since July 2008.

 

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