Japan futures rise parallel to Shanghai futures, boosted by rallying yen, oil prices
SINGAPORE, Nov 19 (Reuters) -
Japanese rubber futures rose on Tuesday on the back of a stronger yen and fresh property measures in Shanghai that boosted sentiments in top consumer-China
The Osaka Exchange (OSE) rubber contract for Aprildelivery JRUc6, 0#2JRU: was up 6.2 yen or 1.78%, at 354.2 yen($2.30) per kg as of 0150 GMT.
The rubber contract on the Shanghai Futures Exchange (SHFE) for Januarydelivery SNRv1 rose 80 yuan, or 0.46%, to 17,445 yuan($2,412.03) per metric ton.
The most active Januarybutadiene rubber contract on the SHFE SHBRv1 rose 5 yuan, or 0.04%, to 13,145 yuan($1,817.49) per metric ton.
Shanghai announced on Monday it would be the first major Chinese city to implement tax incentives to revive its property sector, a move analysts anticipate other 'Tier One' city governments will likely adopt.
This is among a slew of measures that seeks to boost the dull Chinese economy, with more focus diverted to the property market, which, at its peak, accounted for around a quarter of economic activity
The yen edged 0.2% higher to 154.40 per dollar due to a pullback in the U.S. currency, after scaling to a one-year high. USD/
A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
Oil prices climbed more than $2 a barrel on Monday after news that crude production at Norway's Johan Sverdrup oilfield had been halted, which added to earlier gains stemming from escalation of 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. 18-24.
China's Xiaomi Corp 1810.HK said on Monday it aimed to deliver 130,000 electric vehicles this year, as the automaker upstart posted a 30.5% jump in third-quarter revenue.
Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres.
The front-month rubber contract on Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 186.4 U.S. cents per kg, up 1.1%.
($1 = 154.1000 yen)
($1 = 7.2325 yuan)
Reporting by Haridas; Editing by Janane Venkatraman
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