Japanese futures climb to 8-week high on higher synthetic prices
SINGAPORE, Aug 21 (Reuters) -
Japanese rubber futures rose on Wednesday to their highest in eight weeks, underpinned by rising prices for synthetic and physical rubber.
The Osaka Exchange (OSE) rubber contract for January delivery JRUc6, 0#2JRU: was up 4.8 yen, or 1.5%, at 335.8 yen ($2.31) per kg as of 0306 GMT.
The contract hit an intraday high of 337.3 yen, its strongest since June 26.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 rose 120 yuan, or 0.7%, to 16,275 yuan ($2,281.14) per metric ton.
The most-active October butadiene rubber contract on the SHFE SHBRv1 rose 135 yuan, or 0.9%, to 14,600 yuan per metric ton.
Prices of Thailand's benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK and block rubber RUB-STR20C-BKK were up 0.58% and 0.6% at 84.61 baht ($2.48) and 65.88 baht, respectively.
The dollar slipped to its lowest this year versus the euro on Wednesday as traders braced for potentially crucial revisions to U.S. payrolls data later in the day, ahead of a speech by Federal Reserve Chair Jerome Powell at the end of the week. USD/
Against Japan's currency JPY=EBS, the dollar sagged 0.2% to 144.98 yen. Earlier, it dropped below the psychological 145 barrier for the first time since Aug. 6.
A stronger yen makes yen-denominated assets less affordable to overseas buyers.
Top rubber producer Thailand's meteorological agency warned of heavy rains that may cause flash floods from Aug 20-26.
The front-month rubber contract on Singapore Exchange's SICOM platform STFc1 last traded at 175.6 U.S. cents per kg, up 0.3%.
($1 = 145.4500 yen)
($1 = 7.1346 yuan)
($1 = 34.1700 baht)
Reporting by Haridas; Editing by Subhranshu Sahu
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