BANGKOK, May 26 (Reuters) – Tokyo rubber futures rose to a one-month high on Thursday on the back of firmer oil prices and rising Shanghai rubber futures, but profit-taking limited the gains, dealers said.

The newly launched benchmark contract on the Tokyo Commodity Exchange <0#JRU:> for November delivery rose 2.5 yen to settle at 391.4 yen ($4.773) per kg. It rose as high as 392.2 yen, the highest since April 28.

“Players, as well as investment funds, resumed buying contracts again after seeing a rise in other commodities, while stronger Shanghai futures provided additional support,” said a Tokyo-based trader.

The most-active Shanghai rubber contract for September delivery rose 395 yuan to finish at 32,690 yuan ($5,033.933) per tonne.

Brent crude rose above $115 a barrel on Thursday due to a softer dollar and an unexpected drop in U.S. distillate stocks, which overshadowed gains in gasoline and crude inventories.

However, dealers said small players took profit when prices broke above 390 yen per kg, capping further rises.

Dealers said TOCOM rubber could rise further on Friday after finishing above the key resistance of 390 yen, but the rise was seen as capped, with players still cautious about recent rises.

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Source: Reuters

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