Benchmark Tokyo rubber futures closed higher on Tuesday but off a two-week high as the yen’s decline versus the dollar, which had stoked the recent rally, stalled and further buying withered as rubber prices hit a technical ceiling of 280 yen.
The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM), for September delivery, rose 5.6 yen to settle at 275.9 yen ($2.8) per kg.
It earlier climbed as high as 280.3 yen, the highest since March 28.
The most-active rubber contract on the Shanghai Futures Exchange for September delivery advanced 200 yuan to 21,685 yuan ($3,500) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 255.00 US cents per kg, down 6.4 cents.
