SINGAPORE: Japanese rubber futures rose on Friday to a two-week high, as a stronger Tokyo stock market and easing of COVID-19 restrictions lifted sentiment.
The Osaka Exchange rubber contract for November delivery was up 2.6 yen, or 1.1%, at 248.7 yen ($1.96) per kg as of 0110 GMT, after hitting the highest since May 11 at 250.4 yen earlier in the session. The benchmark was set for its second straight weekly gain.
Japan’s benchmark Nikkei share average was up 1.3% on Friday.
Japan will double the maximum number of people allowed every day to enter at border crossings to 20,000 from June 1 as part of a phased easing of Covid-19 restrictions, Prime Minister Fumio Kishida said on Thursday. The rubber contract on the Shanghai futures exchange for September delivery was up 80 yuan, or 0.6%, at 13,255 yuan ($1,967.20) per tonne, after hitting the highest since April 21 at 13,295 yuan earlier in the session.