Japan futures log fourth straight weekly loss
Updates closing prices, adds analyst comment and details
SINGAPORE, April 26 (Reuters) -
Japanese rubber futures erased earlier losses to snap a three-day losing streak on Friday, amid higher oil prices and a weak yen, but still logged a weekly loss.
The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: closed up 3.3 yen, or 1.09%, at 305.4 yen ($1.96) per kg.
It lost 1.74% week-on-week to mark its fourth consecutive weekly loss, the longest weekly losing streak since early August 2023.
The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 rose 105 yuan, or 0.75%, to finish at 14,195 yuan ($1,959.39) per metric ton.
Oil prices rose after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East. 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 yen hit its weakest in three decades against the U.S. dollar after the Bank of Japan left interest rates on hold on Friday. FRX/
A weaker currency makes yen-denominated assets more affordable to overseas buyers.
SHFE prices are lagging behind, with many traders expressing a bearish tone, as some of them were hoping for the Labour Day stockpiling to be higher, said Farah Miller, CEO of Helixtap Technologies, an independent rubber-focused data company.
The U.S. economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and a small build-up of unsold goods at businesses.
China's largest auto show opened in Beijing on Thursday.
The front-month rubber contract on the Singapore Exchange's SICOM platform for May delivery STFc1 last traded at 159.8 U.S. cents per kg, up 0.82%.
Japan's financial markets are closed on Monday for a holiday and will re-open on Tuesday, April 30.
($1 = 155.9500 yen)
($1 = 7.2446 yuan)
Reporting by Cassandra Yap; Editing by Rashmi Aich and Janane Venkatraman
For morning and afternoon prices at Thailand's state-run central rubber market, click on RUB-BKK3.
For other physical rubber prices in Thailand, click on RUB-BKK1, RUB-BKK2.
For more details on Indonesian and Malaysian prices click on RURKJK and RUQG.
* Reuters Terminal users can see cash and futures rubber prices by double clicking on the codes in the brackets:
- Tokyo rubber futures -- 0#JRU:
- Shanghai rubber futures -- 0#SNR:
- Singapore rubber futures -- 0#SRS:0#SRU:0#STF:
- Thai rubber futures -- 0#ARU:0#ASR20:
- All rubber news RUB
- Tokyo rubber report RUB/T
- Shanghai rubber report RUB-CN
- Thailand rubber report RUB/TH
- Asian rubber report RUB/AS
For Related News and other topics, double click on one of these codes: SPEED GUIDES RUBBER1, SOFTS/NEWS1
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