Japan futures up for fourth session on rising synthetic prices
Updates closing prices
SINGAPORE, Aug 23 (Reuters) -
Japanese rubber futures extended gains on Friday, with prices hitting a more than two-month high, supported by rising prices for synthetic rubber and an expected production shortfall in top exporter Thailand.
The Osaka Exchange (OSE) rubber contract for January delivery JRUc6, 0#2JRU: closed up 8.1 yen, or 2.38%, at 349.1 yen ($2.40) per kg.
The contract hit an intraday high of 351.6 yen, its strongest level since June 13.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 rose 115 yuan, or 0.71%, to 16,350 yuan ($51.29) per metric ton.
The most active October butadiene rubber contract on the SHFE SHBRv1 rose 80 yuan, or 0.55%, to 14,675 yuan ($2,056.53) per metric ton.
The price of Thailand's benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK was up 1.7% while block rubber RUB-STR20C-BKK remained the same, to stand at 88.57 baht ($2.59)and 66.08 baht ($1.92), respectively.
The yen rose as traders considered comments from Bank of Japan Governor Kazuo Ueda, who sought to calm lingering nerves after a surprise rate hike last month, while markets braced for a speech from Federal Reserve Chair Jerome Powell. USD/
The yen JPY=EBS was 0.38 % higher at 145.75 per dollar.
A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
Oil prices were little changed but on track to end the week lower, as weaker U.S. employment data raised concerns over demand, and renewed ceasefire talks in Gaza eased worries about supply disruptions. O/R
Top rubber producer Thailand's meteorological agency warned of heavy rains that may cause flash floods from Aug. 22-28.
The front-month rubber contract on Singapore Exchange's SICOM platform for September delivery STFc1 last traded at 176.7 U.S. cents per kg, up 1%.
($1 = 145.4300 yen)
($1 = 7.1358 yuan)
($1 = 34.2600 baht)
Reporting by Haridas; Editing by Rashmi Aich and Mrigank Dhaniwala
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