SINGAPORE: Japanese rubber futures were poised for a four-day losing streak on Friday and set to end the week in red, mirroring losses in the Shanghai market as tepid economic data sapped risk appetite.
The Osaka Exchange (OSE) rubber contract for October delivery was down 1.5 yen, or 0.7%, at 208.0 yen ($1.54) per kg, as of 0217 GMT. The benchmark OSE contract fell about 2.4% for the week, shedding gains of 2.1% the week earlier. The rubber contract on the Shanghai futures exchange (SHFE) for September delivery was down 315 yuan, or 2.6%, at 11,920 yuan ($1,724.51) per tonne, snapping a four-day rally. Japan’s benchmark Nikkei average opened 0.25% higher. New Chinese bank loans tumbled far more sharply than expected in April, adding to worries that the economy’s post-pandemic recovery is losing steam and putting pressure on the central bank to ease policy.
Source: Brecorder
