Markets

Rubber hits 2-year high

(China Daily)
Updated: 2010-11-05 09:20

Bangkok - Rubber in Tokyo climbed to a 27-month high, while futures in Shanghai and Thailand made record gains, after flooding in major growing nations raised concerns that a supply shortage will worsen, fueling a price rally.

The April-delivery contract on the Tokyo Commodity Exchange rose as much as 4.1 percent to 345.5 yen per kilogram ($4,274 a ton) on Thursday, the highest intraday level since July 14, 2008, before settling at 345 yen.

Futures in Shanghai gained for a fourth day, rising as much as 4.6 percent to a record 34,150 yuan ($5,112) a ton before closing at 34,130 yuan on Thursday. The most-active contract on the Agricultural Futures Exchange of Thailand rose 2.2 percent to an all-time high of 127.70 baht ($4.30) per kilogram at 2:03 pm Bangkok time on Thursday, according to the exchange.

Bloomberg News