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Markets

Japan futures edge higher on Shanghai gains, strong US economic data

  • The Osaka Exchange rubber contract for September delivery was up 0.6 yen, or 0.2%, at 251.3 yen ($2.3) per kg.
  • The rubber contract on the Shanghai futures exchange for September delivery was up 125 yuan, or 0.9%, at 14,365 yuan ($2,191) per tonne on Tuesday. China's commodity futures markets were closed on Monday for the Qingming festival.
Published April 6, 2021

TOKYO: Japanese rubber futures edged higher on Tuesday as investor sentiment was buoyed by gains in Shanghai futures, a streak of strong US economic data and a recovery in oil markets.

The Osaka Exchange rubber contract for September delivery was up 0.6 yen, or 0.2%, at 251.3 yen ($2.3) per kg as of 0135 GMT.

The rubber contract on the Shanghai futures exchange for September delivery was up 125 yuan, or 0.9%, at 14,365 yuan ($2,191) per tonne on Tuesday. China's commodity futures markets were closed on Monday for the Qingming festival.

A survey from the Institute for Supply Management on Monday showed activity in the US services industry reached its highest level on record in March. The data came after a jobs report on Friday beat forecasts with 916,000 added to the US economy last month.

Oil prices rose on Tuesday as a drop in the US dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July.

The front-month rubber contract on Singapore's SICOM exchange for May delivery last traded at 167.0 US cents per kg, up 1.1%.

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