TOKYO: Japanese rubber futures closed at a five-month high on Wednesday, gaining for a third straight session, on rising hopes that more stimulus is on the way from governments to support economies pressured by surging coronavirus cases.
Osaka Exchange's rubber contract for January delivery ended up 1.8 yen, or 1.1%, at 170.3 yen per kg, its highest closing level since early March.
The most-active rubber contract on the Shanghai futures exchange for September delivery rose 35 yuan to finish at 12,190 yuan per tonne.
White House negotiators have promised to work "around the clock" with congressional Democrats to try to reach a deal on coronavirus relief by the end of this week, giving hope more stimulus is coming.
The European Central Bank is committed to providing stimulus amid the coronavirus outbreak, using huge debt purchases as its main tool, chief economist Philip Lane said on Tuesday.
Traders shrugged off data showing that Japan's services sector contracted for the sixth month in a row in July, indicating economic activity remained under pressure from the pandemic.
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