SINGAPORE: Japanese rubber futures rose slightly on Thursday after hitting a one-month low in the previous session, as traders awaited fresh stimulus measures from China to shore up its stuttering economic recovery.
The Osaka Exchange (OSE) rubber contract for November delivery was up 0.5 yen, or 0.2%, at 207.0 yen ($1.46) per kg, as of 0217 GMT, after three straight sessions of losses. Trading was thin as Chinese markets were closed for the Dragon Boat festival. Chinese markets will resume trading on Monday, June 26. Japan’s benchmark Nikkei average opened down 0.41%. China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package to boost sales of electric vehicles and other green cars over the next four years to prop up softening auto demand.
Business morale at big Japanese manufacturers edged up in June, staying in positive territory for a second straight month and reflecting a post-COVID economic recovery though uncertainty remains high amid slowing global growth, a Reuters poll showed.
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