Japan futures dip on softer China data, tariff vows
SINGAPORE, Nov 27 (Reuters) -
Japanese rubber futures snapped a two-session rally on Wednesday, as weaker Chinese economic data and U.S. President-elect Donald Trump's tariff vows weighed on the market.
The May Osaka Exchange (OSE) rubber contract JRUc6, 0#2JRU: was down 0.5 yen, or 0.14%, at 364.5 yen ($2.39) per kg as of 0204 GMT.
The May rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 fell 60 yuan, or 0.34%, to 17,625 yuan ($2,429.16) per metric ton.
Top consumer China's industrial firms saw their profits fall 4.3% in January to October from the same period last year, official data showed on Wednesday.
The fall extended a 3.5% decline in the January-September period, following on mixed economic indicators earlier this month.
Chinese officials and major industry groups warned that Trump's threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets.
Trump's plans regarding China were unclear since he previously pledged to impose tariffs of 60% or higher. On Monday, he spoke only of "an additional 10% Tariff, above any additional Tariffs, on all of their many products" coming into the U.S.
The yen JPY=EBS held onto gains made from safe-haven bids amid the dollar's turbulence. The dollar was last down 0.19% at a two-week low of 152.81 yen. USD/
A stronger Japanese currency makes yen-denominated assets less affordable to overseas buyers. FRX/
Oil prices steadied, with markets assessing the potential impact of an Israel-Hezbollah ceasefire deal, and ahead of Sunday's OPEC+ meeting. 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.
The front-month December rubber contract on Singapore Exchange's SICOM platform STFc1 last traded at 186.2 U.S. cents per kg, down 0.6%.
($1 = 152.5700 yen)
($1 = 7.2556 yuan)
Reporting by Gabrielle Ng; Editing by Rashmi Aich
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