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Tokoy rubber starts year on positive footing on Jan.6

Tokyo Commodity Exchange (TOCOM) futures started the year on a positive tone on Monday, hitting an about 3-week high, as investors expected synthetic rubber prices to rise due to higher oil prices amid escalating tensions in the Middle East.

TOCOM's rubber contract for June delivery finished 2.3 yen higher at 202.4 yen ($1.87) per kg, after hitting the highest since Dec. 13 of 203.5 yen earlier in the session.

The TOCOM was closed between Dec. 31 and Jan. 3 for New Year holiday.

The most-active rubber contract on the Shanghai futures exchange for May delivery rose 245 yuan to finish at 13,095 yuan ($1,878) per tonne. China's new technically specified rubber (TSR) 20 futures contract was last up 160 yuan at 10,705 yuan per tonne.

The front-month rubber contract on Singapore's SICOM exchange for January delivery last traded at 147.9 US cents per kg, up 2.2%.

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