Expectations of robust demand from China boosted rubber to a three-year high after buoyant car sales data for November lifted expectations of higher tyre demand.
The China Association of Automobile Manufacturers reported vehicle sales of 2.9m in November, up 16.6 per cent year on year. Tax breaks introduced this year on small passenger cars have spurred demand and while the November figure was down from a September peak of 26.1 per cent, it marked the sixth straight double-digit rise in growth.
Rubber, which is also used in condoms and gloves, closed up almost 8 per cent to $205.60 a kilogramme in Singapore, its highest level since January 2014.
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