Japan futures slip on stronger yen, soft Chinese data
SINGAPORE, July 31 (Reuters) -
Japanese rubber futures dipped on Wednesday, weighed down by a stronger yen and soft economic data from top consumer China, although firmer oil prices capped losses.
The Osaka Exchange (OSE) rubber contract for January delivery JRUc6, 0#2JRU: was down 1.1 yen, or 0.35%, at 314.0 yen ($2.06) per kg as of 0155 GMT.
The September rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 was down 100 yuan, or 0.7%, at 14,120 yuan ($1,952.65) per metric ton.
The yen JPY=EBS hovered near a 2-1/2-month high on Wednesday, eking out a slight gain to stand 0.06% higher at 152.65 per dollar, ahead of a key Bank of Japan (BOJ) policy decision where the central bank is set to detail plans to taper its huge bond buying and a rate hike is on the cards. USD/
A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
China's manufacturing activity in July shrank for a third month, an official factory survey showed on Wednesday, bolstering expectations Beijing will need to launch more stimulus as a protracted property crisis and job insecurity drag on growth.
Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. 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.
Chinese EV maker BYD 002594.SZ is looking to enter the Canadian automotive market, according to a regulatory document filed earlier this month.
Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres.
The front-month rubber contract on Singapore Exchange's SICOM platform for August delivery STFc1 was flat at 161.8 U.S. cents per kg.
($1 = 152.4400 yen)
($1 = 7.2312 yuan)
Reporting by Gabrielle Ng; Editing by Mrigank Dhaniwala
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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