Japanese futures track Shanghai drop amid concerns over Chinese economy
Updates with closing prices
SINGAPORE, Nov 18 (Reuters) -
Japanese rubber futures fell on Monday, tracking weak Shanghai prices amid concerns over sluggish economic growth in top buyer China, though a weaker yen and stronger oil prices limited losses.
The Osaka Exchange (OSE) rubber contract for April delivery JRUc6, 0#2JRU: closed down 2 yen, or 0.57%, at 348 yen ($2.25) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 closed down 225 yuan at 17,410 yuan ($2,404) per metric ton.
The most active January butadiene rubber contract on the SHFE SHBRv1 closed down 125 yuan at 13,120 yuan ($1,811) per metric ton.
China has experienced slowing economic growth and the government has been releasing supportive policies to revive activity.
Bank of Japan Governor Kazuo Ueda reiterated that interest rates would continue to rise gradually should the economy develop in line with the central bank's outlook, but made no mention of when it would be implemented.
Japan's Nikkei .N225 ended down 1.09%, taking cues from losses on Wall Street at the end of last week, after BOJ chief Ueda failed to offer strong hints on the timing of additional interest rate hikes.
The dollar gained a modest 0.4%, to 154.78 yen JPY=EBS. USD/
A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.O/R
Top rubber producer Thailand's meteorological agency warned of heavy rains that may cause flash floods from Nov. 18-24.
The front-month rubber contract on Singapore Exchange's SICOM platform for December delivery STFc1 last traded at 183.4 U.S. cents per kg, down 1.8%.
($1 = 154.6400 yen)
($1 = 7.2434 yuan)
Reporting by Haridas; Editing by Sherry Jacob-Phillips and Eileen Soreng
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