Natural rubber (NR) futures closed higher across major exchanges in the week to 1 May, supported by supply concerns and stronger crude oil prices, according to Japan Exchange Group (JPX).

In its weekly NR report 4 May, JPX said prices were lifted ahead of the Labour Day holidays in China and the 'golden week' holidays in Japan.

Markets were supported by "supply concerns, a sharp rise in global crude oil prices, and speculative buying by Chinese commodity funds", JPX added.

In Osaka, Japan, OSE's September contract settled 2.7% higher compared to the week before in active trading, recording "its highest close in more than two years".

In Shanghai, China, SHFE and the INE futures closed up 2.0% and 2.3%, respectively, JPX said, citing "fresh buying interest and short covering."

In Singapore, SICOM's July contract "ended the week 2.5% higher on firm physical demand and renewed speculative buying", the report added.