SINGAPORE: Japanese rubber futures rose on Thursday, tracking gains in the Shanghai market, as demand sentiment was lifted by prospects of greater policy support to foster an economic recovery in top buyer China.
The Osaka Exchange rubber contract for May delivery was down 2.0 yen, or 0.9%, at 225.1 yen ($1.71) per kg by 0145 GMT. The rubber contract on the Shanghai futures exchange for May delivery was up 50 yuan, or 0.4%, at 12,790 yuan ($1,834) per tonne.
Japan’s benchmark Nikkei share average opened up 0.62%. China will seize the time window to implement policy measures to support the economy, aiming for an improvement in growth in early-2023, state media on Wednesday quoted the cabinet as saying.
As China’s massive wave of COVID-19 infections begins its march across a country roughly the size of Europe, the ripple effect on business is accelerating.
China may be struggling to keep a tally of COVID-19 infections as the country experiences a big spike in cases, a senior World Health Organization official said on Wednesday, amid concerns about a lack of data from the country.
Mainland China’s Health Commission reported 3,030 new symptomatic coronavirus cases for Dec. 21, compared with 3,101 new cases a day earlier. Japan’s government revised up on Thursday its growth forecast for the next fiscal year on prospects for higher business expenditure and substantial wage hikes that are seen underpinning consumption.
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