Japan rubber futures end higher tracking firmer oil prices
Updates with closing prices
SINGAPORE, Nov 19 (Reuters) -
Japanese rubber futures rose amid stronger global oil prices, but gains were capped by a stronger yen that is closely monitored for drastic upheavals.
The Osaka Exchange (OSE) rubber contract for Aprildelivery JRUc6, 0#2JRU: closed up6.5 yen or 1.87%,at 354.5 yen($2.29) per kg .
The rubber contract on the Shanghai Futures Exchange (SHFE) for Januarydelivery SNRv1 closed up 95yuan, or 0.55%,to 17,460 yuan($2,411.44) per metric ton.
The International Monetary Fund warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.
This is amid concerns over U.S. President-elect Donald Trump's plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
The dollar sagged 0.17% to 154.41 yen JPY=EBS after remarks from Japanese Finance Minister Katsunobu Kato that the government would "respond appropriately to excessive moves" in the yen exchange rate. USD/
A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
Oil prices edged up on Tuesday, extending the previous day's rally driven by a halt in production at Norway's Johan Sverdrup oilfield, though investors remained cautious amid fears of an escalation in the Russia-Ukraine war. 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. 19-25.
The front-month rubber contract on Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 185.6 U.S. cents per kg, up 0.2%.
($1 = 154.5500 yen)
($1 = 7.2405 yuan)
Reporting by Haridas; Editing by Janane Venkatraman and Eileen Soreng
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
