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The index Tokyo Rubber Futures rose on Monday, breaking away from the nearly seven-month low hit earlier today. Traders said that Shanghai futures rose after the Chinese stock market strengthened, giving rise to a new round of buying. The Tokyo Industrial Commodity Exchange (TOCOM) index of January rubber closed up 3.3 yen, or 1.7%, to 196.7 yen per kilogram. It had previously probed as low as 191.1 yen, the lowest price since January 21.
"After the Chinese stock market rose sharply in the Tokyo market in the late hours, the Shanghai rubber futures trading volume was not large, as some Japanese traders this summer," said Kanaine Gokon, an analyst at Okato Shoji. Shanghai's main rubber for January rose 270 yuan, or 2.3%, to 12,250 yuan per ton.
Gokon said: "Due to lingering concerns over slowing Chinese demand, the rise of TOCOM futures may be short-lived." TOCOM futures have fallen by more than 20% since they hit a 16-month high in early June because Fears of slowing Chinese demand continue to ferment. The Singapore SICOM market was closed on Monday for public holidays.