Rubber swung between losses and gains as data showed China’s manufacturing is growing at a slower pace this month, raising concern that demand may weaken from the world’s largest user of the commodity used in tires. The weaker Japanese currency supported yen-based futures.

Rubber for delivery in September fell as much as 0.7 percent to 249.1 yen a kilogram (USD2,520 a ton) on the Tokyo Commodity Exchange, the lowest level since April 19. Futures swung between gains and losses and traded at 251.3 yen.

The preliminary reading of 50.5 for China’s Purchasing Managers’ Index released by HSBC Holdings Plc and Markit Economics slowed from a final 51.6 for March. The number was also below the median 51.5 estimate in a Bloomberg News survey of 11 analysts. A reading above 50 indicates expansion.

Source: Bloomberg