Japan futures dip, but set for weekly gain
Updates with closing prices
SINGAPORE, Nov 22 (Reuters) -
Japanese rubber futures dipped as U.S.-China trade tensions weighed onsentiments, countering the boost provided by aweaker yen and stronger oil.
The Osaka Exchange (OSE) rubber contract for April delivery JRUc6, 0#2JRU: closed down 10.9 yen, or 2.97%, at 356.5 yen($2.30) per kg. The contract has gained 1.86% this week.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 closed down 390 yuan, or 2.2%, to 17,325 yuan($2,390.15) per metric ton.
The most active January butadiene rubber contract on the SHFE SHBRv1 closed down 500 yuan, or 3.79%, to 12,690 yuan($1,750.71) per metric ton.
The U.S. dollar was lastup 0.2% at 154.84 yen JPY=EBS as Japan's core inflation in October came in 2.3% higher from a year earlier, data showed on Friday, keeping pressure on the central bank to raise its still-low interest rates. USD/
A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
Oil prices extended gains andheaded for a weekly uptick of more than 4% as the Russia-Ukrainewar intensified, with Russian President Vladimir Putin warning of a global conflict.O/R
Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
Top rubber producer Thailand's meteorological agency warned of heavy rains that may cause flash floods from Nov. 22-28.
The front-month rubber contract on Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 185.7 U.S. cents per kg, down 2.6%.
($1 = 154.7700 yen)
($1 = 7.2485 yuan)
Reporting by Haridas; Editing by Sumana Nandy
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