Rubber rises

Benchmark Tokyo rubber futures rose on Tuesday, backed by firmer Shanghai stock market and rubber futures, helping offset weak manufacturing data in top buyer China, dealers said. The Tokyo Commodity Exchange rubber contract for May delivery finished 2.0 yen, or 1.2 percent, higher at 164.1 yen ($1.34) per kg.
Manufacturing activity in China hit a three-year low in November, an industry survey showed, supporting the case for more accommodative policies as authorities seek to prop up growth in the world's second largest economy. "But TOCOM did not react to the data much. Instead, the prices were lifted in late trade after Shanghai stock market climbed and as Shanghai rubber futures rose," said Toshitaka Tazawa, an analyst with Fujitomi Co.
The most-active rubber contract on the Shanghai Futures Exchange for May delivery rose 255 yuan to finish at 10,155 yuan ($1,587.09) per tonne. The front-month rubber contract on Singapore's SICOM exchange for January delivery last traded at 116.3 US cents per kg, up 1.6 cent.