Japan rubber futures rise

TOKYO: Japanese rubber futures rose on Tuesday after official data showed that household spending surged in May, with consumers splurging on automobiles and phones, driving demand for industrial commodities like rubber.

The Osaka Exchange rubber contract for December delivery finished 2.3 yen, or 1%, higher at 223.7 yen per kg.

Japan’s household spending rose at a double-digit rate in May as consumers bought cars and mobile phones, though the pace of growth slowed from the prior month as a new wave of Covid-19 infections weighed on consumer confidence.

The rubber contract on the Shanghai futures exchange for September delivery rose 3% to end at 13,380 yuan per tonne.