TOKYO: TOCOM rubber futures were slightly down on Thursday, off a seven-week high hit earlier in the session, as weak economic data from the United Sates and Europe trimmed optimism about demand from China, the world’s biggest rubber consumer.
The most-active Tokyo Commodity Exchange rubber contract for May delivery was down by 0.7 yen at 264.4 yen per kg as of 14.15 JST. The benchmark contract earlier hit a high of 266.2 yen, its loftiest since Oct. 15.
Chinese shares had their best day in three months on Wednesday, lifting Hong Kong to its highest since August 2011 after comments by the new head of the Communist Party about the government’s economic priorities boosted optimism.
The dollar traded at around 82.40 yen recovering toward a near eight-month high of 82.82 yen hit in late November.
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U.S. crude held below $88 per barrel on Thursday, nursing losses from the prior session after data showed a jump in gasoline stocks, while weak hiring figures from the top oil consumer and bleak Euro zone retail sales fanned demand worries.
Source: Rubber Country
