TOKYO— Global rubber futures experienced significant gains across major exchanges during the trading week ended Sept. 1, according to the Japan Stock Exchange (JPX).
The price surge reached an eight-month high, propelled by "aggressive fund buying," JPX said in its weekly market report, issued Sept. 4.
On Japan's Osaka Exchange, OSE rubber futures for January delivery rallied to register a 5.6-percent rise, supported by a substantial trading volume of 24,417 contracts.
In China, meanwhile, SHFE rubber contracts for January delivery lifted 4.5 percent week-on-week, while INE futures gained 6.9 percent, noted the JPX trading review.
Also on a growth-track, Singapore's SICOM exchange saw NR futures for November delivery rise 2 percent week-on-week, amid active trading.
JPX said it expected "potential for upward movement" on SICOM at the beginning of the new trading week, given a big rally there on Sept. 1.
Overall, JPX said NR pricing across all its tracked markets was buoyed by optimism regarding "a forthcoming Chinese economic recovery expectation later this year." Sentiment, it added, was buoyed by the Bank of China's rate cuts for home buyers, an upturn in Chinese manufacturing PMI for August and Beijing efforts to boost local markets.
Depreciation of the Japanese Yen and Chinese Yuan further supported rubber prices, according to the Tokyo-based exchange.
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