Benchmark Tokyo rubber futures recovered on Monday from an eight-month low hit in the previous session, helped by a weaker yen and extended gains in oil prices, brokers said. Some industry sources say Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, may find some traction after plunging nearly 14 percent in the past five sessions.

The Tokyo Commodity Exchange rubber contract for July delivery finished 1.1 yen higher at 182.6 yen ($1.71) per kg. The front-month rubber contract on Singapore's SICOM exchange for March delivery last traded at 143.60 US cents per kg, down 0.7 cent.

Chinese financial markets are closed for the Lunar New Year holiday. Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as worries grew over tensions in the Middle East.

The dollar was little changed at 106.330 yen after sliding on Friday to 105.545, the lowest since November 2016. A weaker yen makes commodities denominated in the Japanese currency cheaper for holders of other currencies.

Copyright Reuters, 2018