TOKYO : TOCOM rubber futures rose on Monday, stretching gains into a third straight session, helped by promising manufacturing data from key consumer China.
The most-active Tokyo Commodity Exchange rubber contract for May delivery was up 4.6 yen at 263.5 yen per kilogram as of 15.37 JST.
The benchmark contract hit a four-week high of 263 yen last week. China’s economy resumed momentum in November, but there are still signs of over-reliance on growth from the inefficient state sector, a series of purchasing managers’ surveys shows.
The official manufacturing purchasing managers’ index rose to a 7-month high of 50.6 in November from 50.2 in October, the National Bureau of Statistics said on Saturday.
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Crude rubber inventories at Japanese ports eased from a two-month high earlier in November to 6,520 tons by November, 20, having fallen 219 tons in the last 10 days, Rubber Trade Association data showed on Friday.
Stagnant U.S. budget talks which threaten to derail the world’s largest economy kept investors cautious. A series of central banks including the Reserve Bank of Australia, the European Central Bank and the Bank of England will hold their policy meetings this week. The monthly U.S. non farm payrolls data is due out on Friday.
Oil rose on Friday, notching its first monthly gain since August, as the market continued to balance risks to demand from the U.S. budget stand off against concerns about disruption to Middle East supplies.
Source: Rubber Country
