Rubber for delivery in February gained as much as 2.7 percent to 290.3 yen a kilogram $2,912 a metric ton on the Tokyo Commodity Exchange, the highest level for a most-active contract since May 23.
Rubber climbed to the highest level in more than three months as Japan grew faster than previously estimated last quarter, boosting confidence in the recovery of the world’s third-largest economy.
“Rubber reacted positively to the news about the Olympics and GDP as they lifted prospects for Japan’s economy,” said Kazuhiko Saito, an analyst at broker Fujitomi Co. in Tokyo.
Futures also gained after data showed yesterday that China’s exports beat estimates, raising optimism raw material demand will improve from the world’s largest consumer, he said.
via Rubber Jumps to Three-Month High as Japan Boosts Growth Estimate – Bloomberg