TOKYO: Benchmark TOCOM rubber futures climbed for a fourth straight session to an 11-month high on Monday on the back of a weaker yen against the US dollar and as higher prices of commodities such as oil and copper gave a boost to investor sentiment.
The Tokyo Commodity Exchange rubber contract for August delivery rose 1.6 percent, or 3.5 yen, to 225.1 yen per kg, after posting its biggest monthly percentage gain since 2012 amid period’s tighter supplies in Southeast Asia.
The benchmark earlier rose to as high as 226.7 yen, the highest since April 9 last year.
China cut benchmark lending and deposit rates on Saturday, apparently driven by weakness in its vast manufacturing sector, aggravated by high real borrowing costs and weak demand.
China's economy is expected to slow to an annual 7 percent in the first quarter of this year, a top Chinese government think tank said in a research report, a sign policy makers will have to roll out more stimulus to support faltering growth.
Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.1 percent from last release on Feb 13, the exchange said on Friday.
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