The key Tokyo Commodity Exchange rubber contract for January delivery <0#2JRU:> was up 5.5 yen, or 2.5 percent, at 226.8 yen per kg as of 0046 GMT. The contract earlier rose to as high as 229.5 yen -- highest since Aug. 6.
Asian shares steadied after a fresh report detailing a potential framework for the European Central Bank's new bond buying scheme, to calm borrowing costs of stricken euro zone states, and hopes of a strong easing from the Federal Reserve.
Japan's Nikkei stock average opened up 0.8 percent on Monday.
Central bank sources told Reuters on Friday that the ECB is considering setting yield band targets under a bond-buying programme to shield its strategy from speculators, although the decision would not be made before its Sept. 6 policy meeting.
There is a dearth of major economic data in Asia on Monday, meaning the market's focus in the short-term will remain fixed on Europe, with longer-term focus on the annual U.S. Jackson Hole meeting of central bankers and economists in September.
A letter sent from Fed Chairman Ben Bernanke to a U.S. House panel reinforced persistent views that the Fed would soon implement a third round of quantitative easing, known as QE3.
Gold posted its biggest weekly gain since January on Friday, and was trading up 0.2 percent at $1,672.40 an ounce on Monday.
The euro steadied at $1.2507, off Friday's low of $1.2481.
Oil rose, with both U.S. crude and Brent rising more than a dollar. (Reporting by Aaron Sheldrick; Editing by Himani Sarkar)
Source: http://uk.finance.yahoo.com/news/rubber-tokyo-futures-hit-3-010226548.html
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