Jan. 18 (Bloomberg) -- Rubber rose for a seventh week, the longest winning streak since November 2007, after data from China, the world’s top consumer, beat estimates and the yen traded near a 30-month low, boosting demand.
Rubber for delivery in June surged 3.6 percent, the biggest gain at close since Oct. 25, to end at 316.3 yen a kilogram ($3,503 a metric ton) on the Tokyo Commodity Exchange. The price climbed 1.3 percent this week.
Oil traded near the highest price in four months in New York after China’s economic growth accelerated for the first time in two years and industrial output picked up. The yen touched a 2 1/2-year low on speculation Prime Minister Shinzo Abe will pursue more aggressive stimulus. Oil is used to make synthetic rubber, while a weaker Japanese currency boosts the appeal of yen-based contracts.
“Better-than-expected economic data in China, coupled with a weakening yen and rising oil prices, improved sentiment,” said Chaiwat Muenmee, an analyst at DS Futures Co. in Bangkok.
The economy in China expanded 7.9 percent in the fourth quarter, according to government data. That compared with median estimate of 7.8 percent in a Bloomberg News survey and 7.4 percent in the previous three months. Industrial output in December rose a more-than-expected 10.3 percent and fixed-asset investment for the year gained 20.6 percent.
Rubber for delivery in May rose 1.5 percent to close at 25,960 yuan ($4,173) a ton on the Shanghai Futures Exchange. Thai rubber free-on-board gained 1 percent to 98.70 baht ($3.31) a kilogram today, after falling in the past four days, according to the Rubber Research Institute of Thailand.
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