Japanese rubber futures rise

SINGAPORE: Japanese rubber futures rose on Friday to their highest in more than three months and were set for a fourth straight weekly gain, as brightened prospects of an economic recovery in top buyer China boosted demand sentiment.

Trading volume, however, remained low due to the Lunar New Year holidays in China. The Osaka Exchange rubber contract for July delivery was up 1.1 yen, or 0.5%, at 237.1 yen ($1.83) per kg, as of 0140 GMT.

For the week, the benchmark OSE contract has gained about 3.9%. China’s financial markets are closed this week for the Lunar New Year holidays, which officially started on Jan. 21. The markets will resume trading on Monday, Jan. 30.

Japan’s benchmark Nikkei share average opened up 0.24%.