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SINGAPORE: Japanese rubber futures strengthened on Wednesday after a tentative truce between Iran and Israel buoyed investor sentiment and as wet weather in top producer Thailand sparked supply concerns.

The Osaka Exchange (OSE) rubber contract for December delivery ended daytime trade up 6.4 yen, or 2.18%, at 299.8 yen ($2.06) per kg.

The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery remained relatively unchanged at 13,770 yuan ($1,920.37) per metric ton.

The most active July butadiene rubber contract on the SHFE fell 115 yuan, or 1.03%, to 11,075 yuan ($1,544.52) per metric ton.

The Osaka contract has likely rebounded after the ceasefire between Iran and Israel, said Farah Miller, founder of independent rubber-focused firm Helixtap Technologies.

China equities edged higher on Wednesday following U.S. President Donald Trump's announcement of a ceasefire between Israel and Iran, improving global risk appetite and buoying investor sentiment. China's Premier Li Qiang was optimistic about China's ability to maintain high growth as it transitions to a consumer-driven model, Reuters reported on Wednesday.

"Fundamentally, there could also be some support (from) the heavy rains slated in Thailand, which could keep raw material costs elevated," added Miller.

Thailand is likely to face heavy rains that may cause flash floods and overflows from June 24-27, the country's meteorological agency warned.

Meanwhile, China's auto industry inflating car sales through "zero-mileage" cars has intensified a price war in the world's largest auto market, while also reinforcing fears of dumping subsidised vehicles overseas.

Price reductions in vehicles have caused a downward pressure on tyre prices.

The front-month rubber contract on Singapore Exchange's platform for July delivery last traded at 159.9 U.S. cents per kg, up 0.2%.

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