Japan futures recover on Thai weather, but set for weekly loss
SINGAPORE, Sept 6 (Reuters) -
Japanese rubber futures rose on Friday after four straight sessions of losses, buoyed by wet weather in top producer Thailand and firmer oil prices, but were set for a weekly fall.
The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: was up 3.5 yen, or 1.01%, at 351 yen ($2.45) per kg as of 0150 GMT.
The contract has lost 6.42% so far this week.
The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 rose 70 yuan, or 0.43%, to 16,255 yuan ($2,293.47) per metric ton.
Thailand's meteorological agency warned of heavy to very heavy rains that may cause flash flood from Sept. 8-11.
Oil prices edged up as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data. 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 dollar was steady at 143.25 yen JPY=EBS, after dipping to 142.855 overnight for the first time since Aug. 5, pressured by a slide in U.S. Treasury yields. USD/
A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. FRX/
China still has room to lower the amount of cash banks must hold as reserves while it faces some constraints in cutting interest rates, a central bank official said on Thursday, as it seeks to bolster the country's flagging economic recovery.
The People's Bank of China, which has steadily reduced interest rates and injected liquidity this year, is under pressure to do more to ensure the economy grows around 5% this year, in line with the government's target.
The front-month October rubber contract on Singapore Exchange's SICOM platform STFc1 last traded at 177.5 U.S. cents per kg, up 0.3%.
($1 = 143.2700 yen)
($1 = 7.0875 yuan)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
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