Japan rubber futures rise on weaker yen
Updates with closing prices
SINGAPORE, Nov 20(Reuters) -
Japanese rubber futures rose on Wednesday as a weaker yen and stronger oil prices boosted market sentiment.
The Osaka Exchange (OSE) rubber contract for Aprildelivery JRUc6, 0#2JRU: closed up 9.8 yen, or 2.76%, at 364.3 yen($2.34) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for Januarydelivery SNRv1 closed up 335 yuan, or 1.92%, at 17,765 yuan($2,453.73) per metric ton.
China left benchmark lending rates unchanged at the monthly fixing on Wednesday, in line with market expectations, after lenders slashed rates by bigger-than-expected margins last month to revive economic activity.
The dollar added 0.39% to 154.84 yen JPY=EBS, pulled up by rising U.S. Treasury yields. USD/
A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
Oil prices held steady for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing U.S. crude stocks rising.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. 20-26.
The front-month rubber contract on the Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 190.1 U.S. cents per kg, up 3.4%.
($1 = 155.4000 yen)
($1 = 7.2400 yuan)
Reporting by Haridas; Editing by Sumana Nandy
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.
