Japan futures fall, but stronger oil prices provide support
SINGAPORE, Oct 4 (Reuters) -
Japanese rubber futures fell on Friday, weighed down by a stronger yen, but stronger oil prices capped losses.
The Osaka Exchange (OSE) rubber contract for March delivery JRUc6, 0#2JRU: was down 4 yen, or 1%, at 396.1 yen($2.70) per kg as of 0157 GMT.
The contract has gained 1.15% so far this week.
The Shanghai Futures Exchange is closed from Oct. 1-7 for China's National Day holiday. Trading will resume on Tuesday, Oct. 8.
Chinese investment-grade companies are planning to raise $10 billion to $15 billion through offshore bond offerings this quarter as economic stimulus measures in China, the world’s top rubber consumer, reduce fundraising costs and boost borrower demand, according to financial advisers.
The yen JPY=EBS was 0.2% higher at 146.63, after initially sliding 3% this week, its biggest weekly decline since November 2016. USD/
A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market. 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.
Top rubber producer Thailand's meteorological agency warned of heavy rains from Oct. 3-9
European Union members face a pivotal vote on Friday on whether to impose tariffs of up to 45% on imports of Chinese-made electric vehicles in the bloc's highest profile trade case, which risks retaliation from Beijing.
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 November delivery STFc1 last traded at 201.3 U.S. cents per kg, up 0.5%.
($1 = 146.5100 yen)
Reporting by Haridas; Editing by Sonia Cheema
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