SINGAPORE: Japanese rubber reversed its two-day losing streak to climb more than 2% on Thursday, with prices supported by broad-based gains in global markets and the prospect of strong demand for automobiles.

The Osaka Exchange (OSE) rubber contract for June delivery closed up 5.9 yen, or 2.37%, at 255.2 yen ($1.76) per kg.

The rubber contract on the Shanghai futures exchange (SHFE) for May delivery closed up 220 yuan, or 1.63%, at 13,695 yuan ($1,913.22) per metric ton.

Asian stocks rose on Thursday ahead of US inflation data that could influence the Federal Reserve’s thinking on rate cuts, while the crypto world got a boost after exchange-traded funds to track bitcoin were approved in the United States. Japan’s Skydrive and Suzuki Motor plan to start a low-cost air mobility service in India as soon as 2027.

India’s top car maker Maruti Suzuki will invest in a second car plant in Gujarat state, and add a new production line in an existing plant, the president of its parent company, Suzuki Motor, said.

China’s 2023 vehicle sales rose 12% year-on-year to 30.1 million vehicles, the China Association of Automobile Manufacturers said on Thursday.

Oil prices rose on Thursday on concerns about escalating conflict in the Middle East with more attacks on Gaza and on shipping in the Red Sea, even as a surprise build in US crude stockpiles capped gains.