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Friday, January 27, 2023

Japanese rubber futures drift lower

SINGAPORE: Japanese rubber futures fell on Thursday, tracking losses in the Shanghai market as continued worries over surging Covid-19 cases in top buyer China dented demand sentiment, while a firmer yen against the dollar added to the pressure.

The Osaka Exchange rubber contract for June delivery was down 2.6 yen, or 1.2%, at 217.8 yen ($1.63) per kg as of 0200 GMT. The rubber contract on the Shanghai futures exchange for May delivery was down 165 yuan, or 1.3%, at 12,625 yuan ($1,809) per tonne. Japan’s benchmark Nikkei share average opened down 1.01%.

Rubber demand sentiment has been mixedin recent weeks after top buyer China relaxed strict Covid-19 curbs, which was met with a fresh wave of new infections, limiting industrial activity and consumption. The US dollar was quoted around 133.72 yen, declining about 0.6% from the previous session.

A stronger yen makes yen-denominated assets less affordable when purchased in other currencies.

Oil prices slid, with both benchmarks Brent crude and WTI crude down 0.5% and 0.6%, respectively, as of 0123 GMT.

Japanese rubber futures drift lower

Source: Brecorder

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