AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

TOKYO: Japanese rubber futures climbed on Monday, recovering from an 8-1/2-week low, as a rally in Shanghai futures prompted fresh buying amid hopes for demand pick-up in top buyer China despite the country’s slack economic indicators.

The Osaka Exchange rubber contract for October delivery finished up 3.1 yen, or 1.3%, at 244 yen ($1.9) per kg. Last Friday, the contract dived to the lowest since March 15 of 240.4 yen.

The rubber contract on the Shanghai Futures Exchange for September delivery rose 275 yuan to finish at 13,070 yuan ($1,922) per tonne, shrugging off weak economic indicators in China.

“We’ve seen a technical rebound in OSE, tracking Shanghai’s gains,” said Jiong Gu, an analyst at Yutaka Trusty Securities Co Ltd.

“But an overall tone remained bearish as automobile production stayed slow in Japan and capacity utilisation at Chinese tyre manufacturers hovered at low levels due to the COVID lockdowns in China,” he said.

China’s retail and factory activity fell sharply in April as wide lockdowns confined workers and consumers to their homes and severely disrupted supply chains, casting a long shadow over the outlook for the world’s second-largest economy.

Chinese financial authorities on Sunday allowed a further cut in mortgage loan interest rates for some home buyers, in another push to prop up its property market and revive a flagging engine of the economy.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.3% from a week earlier, the exchange said on Friday.

Singapore’s financial markets were closed for a public holiday.

Comments

Comments are closed.