Dec. 9 (Bloomberg) -- Rubber in Tokyo jumped to the highest level in more than two months after China’s imports surged to a record last month, indicating demand from the world’s largest user is increasing.
Futures for delivery in May on the Tokyo Commodity Exchange advanced 1.9 percent to end at 281.1 yen a kilogram ($2,728 a metric ton), the highest settlement since Sept. 20. Today’s rally pared losses this year to 7.1 percent.
China’s imports of natural rubber rose to 270,000 tons last month, data from the General Administration of Customs in Beijing showed Dec. 8. That’s 42 percent higher from October and up 25 percent from the same period last year. Purchases in the first 11 months climbed 8.2 percent to 2.13 million tons.
“The data showing the strength of Chinese demand gave a boost to futures,” said Takaki Shigemoto, an analyst at JSC Corp., a research company in Tokyo.
Futures also climbed as Japan’s currency slid to near a six-month low against the dollar, raising the appeal of yen- denominated contracts, Shigemoto said. The yen today fell to 103.22 a dollar as U.S. jobs grew more than economists’ forecast and joblessness shrank to a five-year low of 7 percent.
The contract for May delivery on the Shanghai Futures Exchange gained 1.5 percent to close at 19,830 yuan ($3,265) a ton. Thai rubber free-on-board added 0.6 percent to 82.45 baht ($2.56) a kilogram today, according to the Rubber Research Institute of Thailand.
--With assistance from Feiwen Rong in Beijing and Supunnabul Suwannakij in Bangkok. Editors: Sungwoo Park, Alexander Kwiatkowski