Tokyo rubber futures at one month high

Tuesday, 4 December 2012 00:23 - - {{hitsCtrl.values.hits}}

BANGKOK (Reuters): Tokyo rubber futures rose to a one-month high on Monday on speculative buying, supported by promising Chinese economic data and firm oil prices, but profit-taking limited gains, dealers said.

The benchmark rubber contract on the Tokyo Commodity Exchange for May delivery was up 4.6 yen to settle at 263.7 yen ($ 3.20) per kg. It rose to an intra-day high of 263.8 yen, the highest since 29 October.

The most-active rubber contract on the Shanghai futures exchange for May delivery was up 355 yuan to finish at 24,300 yuan ($ 3,900) per ton. The front-month January rubber contract on Singapore’s SICOM exchange was last traded at $ 2.84 per kg.

“Chinese data raised hopes on demand and spurred buying on TOCOM, but gains were still capped as small investors took profit,” said a Bangkok-based dealer.

China’s official manufacturing purchasing managers’ index rose to a seven-month high of 50.6 in November from 50.2 in October, the National Bureau of Statistics said on Saturday.