TOKYO: Benchmark Tokyo rubber futures rebounded on Thursday, backed by an overnight rally in crude oil prices and firmer Japanese equities, but a plunge in Shanghai stock prices capped gains, dealers said.

The Tokyo Commodity Exchange rubber contract for August delivery finished 1.8 yen, or 1.2 percent, higher at 156.0 yen ($1.39) per kg, after snapping a 3-day winning streak the previous day.

The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, rose as high as 157.1 yen earlier, but profit taking wiped out some of the gains after the Shanghai stock market deepened losses, a Tokyo-based dealer said.

The most-active rubber contract on the Shanghai futures exchange for May delivery fell 70 yuan to finish at 10,540 yuan ($1,613.13) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for March delivery last traded at 110.5 US cents per kg, unchanged from the previous day.—Reuters