BANGKOK (Apr 1): Tokyo rubber futures ended higher on Tuesday on the back of weaker Japanese yen and a slight uptick in Chinese manufacturing data, but easing oil prices still weighed on the market, dealers said.
The Tokyo Commodity Exchange rubber contract for September delivery was up 1.3 yen to settle at 234.5 yen ($2.28)per kg.
“TOCOM prices were supported by rising Chinese PMI data that raised hopes on better demand and weaker Japanese yen that helped spur selling,” said a Bangkok-based dealer.
The official Purchasing Managers’ Index grew to 50.3 in March from February’s 50.2, the National Bureau of Statistics said on Tuesday.
The yen fell 0.1 percent to 103.30 yen per dollar, staying near Monday’s three-week low of 103.44 yen.
Brent crude slipped towards $107 on Tuesday after China released manufacturing data that was in line with forecasts as traders await U.S. jobs figures later this week to assess global economic health and fuel demand.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 10 yuan to finish at 15,785 yuan ($2,500) per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for May delivery last traded at 189.0 U.S. cents per kg, down 1.5 cents.
($1 = 102.9850 Japanese Yen)
($1 = 6.2180 Chinese Yuan)
Reuters
