Tokyo rubber futures rose more than 3 percent to their highest in nearly four months on Monday, supported by promising US jobs data and concerns about a drop in supply, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery rose 8.7 yen to settle at 323.4 yen ($4.22) per kg.
It rose as much as 3.2 percent to 324.7 yen, the highest since October 17. The most active Shanghai rubber contract for ay delivery rose 875 yuan to settle at 28,605 yuan ($4,500) per tonne. "Good US data spurred speculative buying not only in rubber, but also in other commodities," one dealer said.
US jobs data showed the world's biggest economy created jobs at the fastest pace in nine months in January. That took the unemployment rate to a three-year low of 8.3 percent. Dealers said there was also some speculative buying on concerns about a drop in supply.
Thailand, the world's biggest rubber producer and exporter, is in the wintering-dry season, when rubber trees shed their leaves and produce less latex. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 6.0 percent from last release on January 20, the exchange said on Friday. Dealers said TOCOM prices may rise further on Tuesday after prices finished above a key psychological level of 320 yen.
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