TOKYO, July 24 (Reuters) – Benchmark Tokyo rubber futuresended up 1.7 percent on Thursday, getting support from firmShanghai futures after a private survey showed upbeat Chinesemanufacturing data.
The benchmark rubber contract on the Tokyo CommodityExchange (TOCOM) for December delivery rose 3.4 yen tosettle at 205.0 yen ($2.02) per kg.
The contract jumped as high as 205.7 yen, the highest sinceFriday.
China’s factory activity expanded at its fastest pace in 18months in July as new orders surged, a preliminary HSBC surveyshowed on Thursday, the latest indication that the economy ispicking up as government stimulus measures kick in.
The most-active rubber contract on the Shanghai futuresexchange for January delivery rose 340 yuan to finishat 15,700 yuan ($2,500) per tonne, after rising more than 3percent earlier.
“TOCOM got support from firm PMI data in China,” said aTokyo-based broker who declined to be named. “But not manypeople expect rubber prices to rise much further, as demandwould not recover so easily.”
The front-month rubber contract on Singapore’s SICOMexchange for August delivery last traded at 169.00 U.S.cents per kg, up 1.1 cent.
($1 = 101.4200 Japanese Yen)
($1 = 6.1918 Chinese Yuan)
(Reporting by Osamu Tsukimori; Editing by Subhranshu Sahu)
– Reuters
