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Monday, September 26, 2022

Japan rubber futures snap 8-day rally on Shanghai losses

SINGAPORE: Japanese rubber futures fell on Tuesday to snap an eight-day winning streak, tracking Shanghai losses. Data that showed household spending and wages shrinking in Japan in April also weighed on investor sentiment.

The Osaka Exchange rubber contract for November delivery finished down 1.1 yen, or 0.4%, at 261.5 yen ($1.97) per kg.

SHFE prices slid today as investors took profits, a Singapore-based trader said.

While OSE tracked SHFE’s losses, a weaker yen still provided prices with some support, he added.

Japan’s household spending fell faster than expected in April as the yen’s sharp decline and surging commodity prices pushed up retail costs, hitting consumer confidence and heightening pressures on the battered economy The country’s real wages posted the largest drop in four months in April, the government said on Tuesday, as a surge in inflation eclipsed a rise in nominal wages, eroding workers’ purchasing power.

The dollar traded at 132.77 yen against 130.61 yen on Monday afternoon in Asia.

The rubber contract on the Shanghai futures exchange for September delivery was down 180 yuan to finish at 13,195 yuan ($1,979.48) per tonne, its largest daily percentage decrease since May 19.

The front-month rubber contract on Singapore Exchange’s SICOM platform for July delivery last traded at 166.4 US cents per kg, down 1.2%.

Japan rubber futures snap 8-day rally on Shanghai losses

Source: Brecorder

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