SINGAPORE, Oct 18 (Reuters) –
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Japanese rubber futures rose for the second straight session on Friday to end the week higher, buoyed by better-than-expected manufacturing data and new central bank measures from China, although softer overall readings on the top consumer’s economy capped gains.
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The March Osaka Exchange (OSE) rubber contract JRUc6, 0#2JRU: closed up 9 yen, or 2.33%, at 394.5 yen ($2.63) per kg.
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The contract gained 2.1% for theweek.
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The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 rose 440 yuan, or 2.46%, to 18,295 yuan ($2,573.03) per metric ton.
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The contract was up 1.17% this week.
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China’s economy grew at the slowest pace since early 2023 in the third quarter and thoughconsumption and factory output figures beat forecasts, a tumbling property sector remains a major challenge for Beijing as it races to revitalise growth.
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Authorities have sharply ramped up policy stimulus since late September, but markets are waiting for a clearer roadmap to put the economy back on a solid longer-term footing.
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The People’s Bank of China (PBOC) on Friday kickedoff two funding schemes and urged swift adoption of financial policies to support capital markets, boosting investor sentiment.
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The U.S. dollar forged to the strong side of 150 yen for the first time since early August, but pared some of those gains and last bought 149.92 yen JPY=EBS.
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The dollar was helpedby a dovish European Central Bank and strong U.S. data that are pushing out expectations for how fast U.S. ratescan fall, particularly if Donald Trump wins the presidency. USD/
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A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
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The front-month November rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 198.6 U.S. cents per kg, up 1.6%.
($1 = 149.9900 yen)
($1 = 7.1103 yuan)
Reporting by Gabrielle Ng; Editing by Sumana Nandy
