TOKYO: Benchmark Tokyo rubber futures edged higher in light trade on Friday as buys on firmer Shanghai futures outweighed position adjustment sells ahead of the weekend, which contributed to a second weekly gain.

The Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery finished 0.7 yen, or 0.4 percent, higher at 158.8 yen ($1.55) per kg, after rising to a high of 159.6 yen, near a 3-week high touched earlier this week.

For the week, it managed to book a 1.1 percent gain.

The most-active rubber contract on the Shanghai futures exchange for January delivery rose 80 yuan to finish at 12,775 yuan ($1,913.06) per tonne.

The front-month rubber contract on Singapore’s SICOM exchange for October delivery last traded at 131.7 US cents per kg, up 0.3 cent.

“The market has been trying to break through a ceiling of 160 yen, but some investors with short positions have apparently tried to cap the gains,” a Tokyo-based dealer said.—Reuters