BANGKOK: Tokyo rubber futures ended 1% higher on Thursday on the back of firm oil prices, but the upside was limited by a stronger yen.
The benchmark rubber contract on Tokyo Commodity Exchange for March delivery rose ¥2.7 to settle at ¥282 ($2.42) per kg.
It rose to an intraday high of ¥283.5, the highest since June 6, supported by crude oil prices hovering near the record $89 hit on Wednesday on concerns about tensions between Turkey and Iraq and a potential supply crunch due to northern winter.
On Thursday, US crude futures slipped in Asia on the possibility of an OPEC output rise and worries about an economic slowdown in the US.
Tokyo rubber was expected to rise further after staying above ¥277.3, the seven-day moving average, but the rise was likely to be capped by investors preferring to take profit rather than risk losses if the yen climbed, dealers said.
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