TOKYO: Japanese rubber futures climbed on Thursday as expectations for further US fiscal stimulus and a pledge by the US Federal Reserve to keep interest rates low bolstered optimism over a swift recovery in global economy.
Osaka Exchange’s rubber contract for May delivery ended up 3.5 yen, or 1.5%, at 244.0 yen ($2.4) per kg.
The rubber contract on the Shanghai futures exchange for May delivery rose 85 yuan to finish at 14,620 yuan per tonne.
The front-month rubber contract on Singapore’s SICOM exchange for January delivery last traded at 156.1 US cents per kg, up 0.5%.
The Fed said on Wednesday it would stick with its policy of low interest rates, while US legislators moved closer to agreeing on an additional $900 billion of COVID-19 aid.
Strong oil market also lent support as it boosted risk appetite for other commodities. Oil climbed to a nine-month high on Thursday after government data showed a fall in US crude stockpiles last week, while progress toward a US fiscal stimulus deal and strong Asian demand also buoyed prices.—Reuters
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