SINGAPORE: Japanese rubber futures rallied on Monday, underpinned by stronger crude oil and tighter inventories, while investors hoped to see signs of a recovery in China’s economy from March-quarter data scheduled to be released on Tuesday.
The Osaka Exchange (OSE) rubber contract for September delivery was up 2.7 yen, or 1.3%, at 212.5 yen ($1.59) per kg, as of 0205 GMT, rising towards a two-week high.
The rubber contract on the Shanghai futures exchange (SHFE) for September delivery was up 150 yuan, or 1.3%, at 11,860 yuan ($1,724.51) per tonne. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.4 % from last Friday, the exchange said on Friday. Japan’s benchmark Nikkei average opened up 0.16%.
Chinese data on retail sales, industrial output and gross domestic product are due on Tuesday, and analysts suspect the risks are for an upside surprise given recent strength in trade.
Figures out over the weekend showed new home prices climbed at the fastest pace in 21 months, supporting consumer demand and confidence. Oil prices edged up, supported by OPEC+’s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world’s No. 2 oil consumer.
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