Benchmark Tokyo rubber futures inched higher on Wednesday, recovering from a 3-1/2-month low touched the previous day, as investors looked for bargains while higher Shanghai futures lent support.
An extended rally in Tokyo’s stock market also helped boost risk appetite, dealers said.
But trade was light as investors looked for announcements from China’s twice-a-decade Communist Party Congress, which started on Wednesday, to boost manufacturing and construction activity and fuel demand for industrial metals.
The Tokyo Commodity Exchange (TOCOM) rubber contract for March delivery finished 0.4 yen higher at 196.0 yen ($1.74) per kg, off the low since July 6 of 193.5 yen hit on Tuesday.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 120 yuan to finish at 13,570 yuan ($2,049) per tonne.
Japan’s Nikkei share average rose for a 12th consecutive day on Wednesday, getting a lift from hopes that this weekend’s election will produce political stability and continuation of loose monetary policy.
Japanese Prime Minister Shinzo Abe’s coalition is on track for a roughly two-thirds majority in the general election, a survey by Kyodo news agency showed, as its conservative rival led by Tokyo Governor Yuriko Koike appeared to lose momentum.
The front-month rubber contract on Singapore’s SICOM exchange for November delivery last traded at 142.7 U.S. cents per kg, down 1.7 cents.
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