Japanese futures continue one-week climb on weaker yen, firmer oil
Updates closing prices, adds details
SINGAPORE, Oct 2 (Reuters) -
Japanese rubber futures rose on Wednesday, supported by a weaker yen and stronger oil prices.
The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: closed up 0.8 yen, or 0.19%, at 412.9 yen($2.87) per kg.
The yen JPY=EBS traded 0.14% weaker at 143.78 yen per dollar. USD/
A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
Oil prices jumped by over a dollar on rising concerns that Middle East tensions could escalate, potentially disrupting crude output from the region, after Iran's biggest-ever military blow against Israel.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 Shanghai Futures Exchange is closed from Oct. 1-7 for China's National Day holiday. Trading will resume on Tuesday, Oct. 8.
China hasn't retaliated against U.S. tariff hikes on Chinese imports, including electric vehicles (EVs),partly because of continued dialogue between the world's two largest economies, U.S. Treasury's top economic diplomat said.
China's commerce ministry said it has asked the World Trade Organization (WTO) to rule on Canada's steep tariffs on Chinese EVs and steeland aluminiumproducts.
Automobile sales could influence the intensity of manufacturing, which involves using rubber-made tyres.
The price of Thailand's benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK and block rubber RUB-STR20C-BKK were down 1.56% and 0.74%, to stand at 91.46 bah ($2.81) and 67.23 baht ($2.07), respectively.
Top rubber producer Thailand's meteorological agency warned of heavy to very heavy rains from Oct. 1-7, leading to flash floods.
The front-month rubber contract on Singapore Exchange's SICOM platform for November delivery STFc1 lasttraded at 213.3 U.S. cents per kg, up 0.1%.
($1 = 144.0000 yen)
Reporting by Haridas; Editing by Sumana Nandy
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
