Friday 19 Apr 2024
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TOKYO (Oct 21): Benchmark Tokyo rubber futures ended flat on Tuesday, taking a breather after jumping 5.4 percent in the past two sessions, as Chinese GDP data compounded lingering global economic worries.

The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for March delivery settled unchanged at 192.4 yen ($1.81) per kg.

The contract remains above the 190 yen level after touching a one-month high of 195.4 a day earlier on the back of Thai government measures to help rubber farmers in the country.

China's economic growth slowed in the third quarter to its weakest since the 2008/09 global financial crisis as a slumping property market dragged on manufacturing and investment, adding to concerns about flagging global growth.

The world's second-largest economy grew 7.3 percent between July and September from a year earlier, slightly above the 7.2 percent forecast by analysts but slowing from 7.5 percent in the second quarter.

"China's GDP lends no support to substantially change the fundamentals of the past year and the market picture remains weak," said a Tokyo-based broker.

Other Chinese data released on Tuesday showed factory output rose stronger-than-expected 8.0 percent in September from a year earlier. Retail sales rose 11.6 percent in September, below analysts' predictions of 11.8 percent.

The dollar slid 0.6 percent versus the yen to 106.35 yen as weak Japanese equities lent support to the yen.

The most-active rubber contract on the Shanghai futures exchange for January delivery rose 45 yuan to finish at 12,815 yuan ($2,094) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for November delivery last traded at 155.10 U.S. cents per kg, up 0.2 cent. ($1 = 106.3300 Japanese yen) ($1 = 6.1210 Chinese yuan)

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