SINGAPORE: Japanese rubber futures fell for the fourth consecutive session on Tuesday, weighed down by recovering supply in Thailand and poor economic data in China, though losses were capped by a weak yen. The Osaka Exchange (OSE) rubber contract for April delivery was down 1.1 yen, or 0.4%, at 255.2 yen ($1.70) per kg at closing.
The benchmark contract gained 8.5% this month, posting its third consecutive monthly gain. The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery was down 50 yuan, or 0.4%, at 14,175 yuan ($1,937.22) per metric ton.
“With increased supplies emerging from Thailand, market expectations are being revised. Speculators are capitalising on profits and remaining on the sidelines,” said a Singapore-based trader. China’s manufacturing activity unexpectedly returned to contraction in October, an official factory survey showed, casting a cloud over recent indicators that showed a nascent recovery in the world’s second-largest economy.
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