TOKYO: Japanese rubber futures closed at the highest in more than three weeks on Monday after data released over the weekend showed China's economic recovery from the coronavirus crisis was gaining momentum.
Osaka Exchange's rubber contract for March delivery finished 2.2 yen, or 1.2%, higher at 189 yen per kg, the highest close since Sept. 2.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 0.9% to finish at 12,675 yuan per tonne.
Profits at industrial firms in China, the world's second-biggest economy and the largest rubber consumer, increased for a fourth consecutive month in August, amid a rebound in commodities prices and equipment manufacturing.
The recovery in China has been gaining momentum through pent-up demand, stimulus from the government and robust exports.
Comments
Comments are closed.