Japan futures post biggest weekly drop in one month
Updates closing prices, adds analyst quote and details
SINGAPORE, July 19 (Reuters) -
Japanese rubber futures rose on Friday amid a weaker yen, although the market logged its biggest weekly drop in a month due to lack of fresh stimulus announcements from top consumer China.
The Osaka Exchange (OSE) rubber contract for December delivery JRUc6, 0#2JRU: closed up 1.8 yen, or 0.57%, at 319.0 yen ($2.02) per kg. It lost 1.82% this week, its sharpest weekly drop since June 17.
The September rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 rose 80 yuan, or 0.55%, to finish at 14,595 yuan ($2,008.67) per metric ton. It fell 0.85% this week, posting its sixth consecutive weekly loss.
The yen JPY=EBS was at 157.72 per dollar, after touching a six-week high of 155.375 on Thursday. USD/
A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
Chinese officials acknowledged the sweeping list of economic goals re-emphasised at the end of a key Communist Party meeting this week contained "many complex contradictions," pointing to a bumpy road ahead for policy implementation.
Following China's third plenum, which concluded on Thursday, officials reiterated wide-ranging economic policy goals, from modernizing industry to expanding domestic demand and curbing debt and property sector risks, without detailing implementation steps.
The lack of any clear policy measure disappointed speculative markets, said Jom Jacob, chief analyst at Indian analysis firm What Next Rubber.
Global demand for natural rubber is undergoing a persistently weak phase due to the "dominant influence" of China, added Jacob.
Many traders may remain cautious as they await more clarity on China's reaction to the plenum, said Farah Miller, CEO of independent rubber-focused data firm Helixtap Technologies.
The front-month August rubber contract on Singapore Exchange's SICOM platform STFc1 last traded at 162.7 U.S. cents per kg, down 0.2%.
($1 = 157.7600 yen)
($1 = 7.2660 yuan)
Reporting by Gabrielle Ng; Editing by Sherry Jacob-Phillips and Rashmi Aich
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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