Japan futures advance on better China data; set for weekly gain
SINGAPORE, Nov 29 (Reuters) -
Japanese rubber futures rose on Friday and were on track to gain for the week, buoyed by firmer economic data from top consumer China and higher synthetic rubber prices.
The Osaka Exchange (OSE) rubber contract for May delivery JRUc6, 0#2JRU: was up 2.7 yen, or 0.74%, at 369.8 yen ($2.46) per kg as of 0210 GMT.
The contract has climbed 3.79% so far this week.
The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery SNRv1 rose 265 yuan, or 1.46%, to 18,365 yuan ($2,538.60) per metric ton, a 5.27% gain so far this week.
The most active January butadiene rubber contract on the SHFE SHBRv1 jumped 445 yuan, or 3.46%, to 13,320 yuan ($1,841.23) per metric ton.
China's factory activity likely expanded modestly for a second straight month in November, adding to a string of latest data suggesting that the blitz of stimulus is finally trickling through and giving producers in the world's No.2 economy the much-needed boost.
Officials in Beijing are now racing to limit the economy's vulnerabilities ahead of a second Donald Trump presidency.
Beijing on Thursday attacked U.S. President-elect Donald Trump's pledge to slap additional tariffs on Chinese goods over fentanyl flows, saying his incoming administration was pushing the blame for America's opioid crisis onto China.
The yen jumped as much as 1% to a six-week high of 150 per U.S. dollar JPY=EBS, after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month. USD/
A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
Japan's Nikkei .N225 dropped 0.7% as the yen surged. T.
The front-month rubber contract on Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 192.2 U.S. cents per kg, up 1.46%.
($1 = 150.1200 yen)
($1 = 7.2343 yuan)
Reporting by Gabrielle Ng; Editing by Sumana Nandy
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