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Friday, May 13, 2022

Japan futures track Shanghai loss, weaker Asia shares also weigh

TOKYO: Japanese rubber futures slid on Monday, tracking weaker Shanghai prices, and as risk appetite receded on a fall in Asian shares and fears that continued bottlenecks in global supply chains will hinder car production recovery.

The Osaka Exchange rubber contract for June delivery was down 5.3 yen, or 2.2%, at 239.1 yen ($2.1) per kg as of 0238 GMT.

The rubber contract on the Shanghai futures exchange for May delivery was down 325 yuan, or 2.2%, at 14,400 yuan ($2,274) per tonne on Monday.

Asian share markets fell on Monday with the US Federal Reserve expected to confirm it will soon start draining the massive liquidity that has fuelled the huge gains in growth stocks in recent years.

Japan rubber futures near 2-month high on soaring oil prices

Broad investor sentiment remains fragile amid signs of slowing growth in China, the world’s second-largest economy.

Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.6% from a week earlier, the exchange said on Friday.

Toyota Motor Corp is slowing production at as many as 12 plants in Japan because of rising COVID-19 infections among its workers and those at parts suppliers, it said on Thursday.

The front-month rubber contract on Singapore Exchange’s SICOM platform for February delivery last traded at 174.8 US cents per kg, down 1.6%.

Japan futures track Shanghai loss, weaker Asia shares also weigh

Source: Brecorder

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