Tokyo rubber marks one percent weekly gain

Benchmark Tokyo rubber futures inched higher on Friday to post a weekly gain of about one percent, shrugging off lower oil prices and plunging Tokyo stocks even as investors turned cautious ahead of US jobs data due later in the day. The Tokyo Commodity Exchange (TOCOM) rubber contract for September delivery finished 0.3 yen higher at 176.8 yen ($1.57) per kg. For the week, it rose 0.9 percent.
According to a Reuters survey of economists, the US nonfarm payrolls probably increased by 205,000 this month after rising by 242,000 in February. The unemployment rate is forecast unchanged at an eight-year low of 4.9 percent. The rubber market failed to gain ground from an unexpected growth in China's manufacturing activity, partly because of plunging Tokyo stock prices and weaker oil, dealers said.