Benchmark Tokyo rubber futures fell Friday, pressured by profit-taking ahead of an oil producers' meeting on Sunday, but set for a weekly gain of more than 7 percent. Futures rose to a near 8-month high this week on hopes of a pickup in China's demand. Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, touched a high of 197.0 yen ($1.80) on Wednesday, the most since August 11, 2015, as China's strong trade data helped improve market sentiment.
China's economy grew 6.7 percent in the first quarter from a year earlier, and while this was the slowest since 2009, it met expectations and provided additional evidence that a slowdown there may be bottoming out. The TOCOM rubber contract for September delivery finished 1.5 yen, or 0.8 percent, lower at 190.3 yen ($1.74) per kg, staying above a key 190 yen level.

Copyright Reuters, 2016

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