Rubber was poised for the biggest weekly climb in three months ahead of Chinese industrial output data that will probably add to signs of stabilization in the biggest user of the commodity used in tires.
Rubber for delivery in January on the Tokyo Commodity Exchange rose as much as 3 percent to 264 yen a kilogram ($2,733 a metric ton), the highest level for a most-active contract since May 31, and was at 262.9 yen at 11:49 a.m. Futures have gained 5.8 percent this week, the most since the seven days to May 10, paring this year’s losses to 13 percent.
Most Asian stocks rose as concern eased that growth in China is slowing and after U.S. jobless claims fell to the lowest monthly rate since before the financial crisis. China’s industrial output growth may stay unchanged at 8.9 percent from a month earlier, according to Bloomberg surveys of economists.
“Concerns eased that China’s economy will slow and investors expect demand for rubber to improve,” said Gu Jiong, an analyst at commodity broker Yutaka Shoji Co.
China’s natural rubber imports gained 16 percent in July from a month earlier to 150,000 tons, the government said yesterday.
Japan’s new vehicle tire sales rose 14 percent on month to 4.45 million units in July, according to the Japan Automobile Tyre Manufacturers Association in Tokyo.
Rubber for delivery in January gained 1.3 percent to 19,320 yuan ($3,159) a ton on the Shanghai Futures Exchange.
Thai rubber free-on-board gained 1 percent to 78.50 baht ($2.51) a kilogram yesterday, according to the Rubber Research Institute of Thailand.
Source: Bloomberg
