Rubber rose for a third day, poised for the first weekly gain in six, on speculation that central banks may take more steps to stimulate economies as global growth slows and Greek voters head for the polls this weekend. The November-delivery contract rose as much as 2.1 percent to 248.4 yen a kilogram ($3,140 a metric ton), before trading at 248 yen on the Tokyo Commodity Exchange at 11:43 a.m. local time. Futures have gained 4.4 percent this week, snapping the worst run of weekly losses since 2008, and paring this year’s decline. Asian stocks and oil advanced on speculation that central banks may increase measures to support economies as Europe’s debt crisis hurts growth, with Greek voters set to cast ballots on June 17 in a poll that may determine the fate of the euro zone. Reports showing U.S. jobless claims climbed while the cost of living fell fueled speculation that Federal Reserve policy makers will discuss stimulus measures when they meet on June 19. “European countries are ready to support Greece financially, supporting stocks and commodities,� said Kazunori Kokubo, managing director at Yutaka Shoji Singapore Pte. It’s difficult for prices to drop as a lack of near-term supplies has led to backwardation, he said, referring to the pattern where nearby contracts are more expensive than those further out. The June-delivery contract climbed 1.2 percent to 251 yen a kilogram. Global financial conditions could deteriorate significantly if Europe’s crisis worsens, Canada’s central bank said yesterday. Bank of England Governor Mervyn King said Europe’s crisis cast a “large black cloud of uncertainty� over the global economy. Thai Rains Rains in Thailand’s south have hit rubber tapping, cutting supplies, according to the Rubber Research Institute of Thailand. The southern region accounts for about 80 percent of output. Thailand’s Rubber Estate Organization will raise the price it buys ribbed-smoked sheets from farmers 0.8 percent to 97.3 baht ($3.08) per kilogram today, according to a statement. That’s higher than the average auctioned price in three southern markets of 95.41 baht, it said on its website yesterday. Thai rubber on a free-on-board basis was unchanged at 106.20 baht a kilogram yesterday, the institute said. September-delivery rubber in Shanghai rose 1.7 percent to 22,630 yuan ($3,557) a ton. To contact Bloomberg News staff for this story: Supunnabul Suwannakij in Bangkok at ssuwannakij@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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