Rubber rallied to the highest in more than one week as oil reached a 30-month high, increasing the cost of rival synthetic products and boosting demand prospects for the commodity used to make tires.
The September-delivery contract rose as much as 4.1 percent to 444.7 yen a kilogram ($5,284 a metric ton), the highest since March 23, on the Tokyo Commodity Exchange and closed at 444.1 yen. The most-active contract lost 0.5 percent last week, the first drop in three weeks.
“High oil prices have underpinned rubber prices,” said Hiroyuki Kikukawa, general manager of research at IDO Securities Co. in Tokyo. A fall in the yen against the dollar also boosted the value of the Japanese currency-based Tokyo futures, he said.
Crude oil for May delivery gained as much as 0.7 percent to $108.74 per barrel in electronic trading on the New York Mercantile Exchange, the highest since price Sept. 24, 2008, and was at $108.44. Prices are up 25 percent from a year ago.
The yen was at 84.14 per dollar from 84.06 in New York on April 1. The Japanese currency declined 1.7 percent in March.
Floods in Thailand, the world’s largest natural-rubber producer, have disrupted output over the past week. Production may fall 50,000 tons, Luckchai Kittipol, president of the Thai Rubber Association, said on April 1.
Rubber for September delivery declined 0.7 percent to close at 34,635 yuan ($5,290) a ton on April 1 on the Shanghai Futures Exchange. Markets in China are closed today for a holiday.
Natural-rubber inventories monitored by the Shanghai Futures Exchange fell for an eighth week, losing 5,587 tons to 27,611 tons, a six-month low, based on a survey of 10 warehouses in Shanghai, Shandong, Yunnan, Hainan and Tianjin, the bourse said April 1.
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