Updates closing prices, adds analysts comments and details
SINGAPORE, May 2 (Reuters) –
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Japanese rubber futures dipped for a second session on Thursday amid muted trading as China goes on a long holiday, while lacklustre demand in key economies continued to weigh on investor sentiment.
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The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: fell 0.7 yen, or 0.23%, at 302.7 yen ($1.95) per kg.
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Chinese tyre manufacturers’ damper-than-expected restocking ahead of the holidays had weighed on the market, said Farah Miller, CEO of Helixtap Technologies, an independent rubber-focused data company.
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While rubber-producing areas across Southeast Asia and in the IvoryCoast have remained dry and hot, tapping has commenced, which adds pressure to prices, Miller said. Physical prices “have traded downwards, which created more pressure on futures to correct after sharp rises in Q1 this year”, Miller added.
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The price of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK was at 83.13 Thai baht ($2.25) per kg on a free-on-board basis on Thursday, 0.37% lower than Tuesday.
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Muted sentiment remains in rubber markets, with China’s absence aggravating the existing “weak demand condition”, said Jom Jacob, co-founder of India-based analysis firm What Next Rubber, noting that manufacturing contractions and subdued consumer confidence in the United States had dampened rubber demand prospects.
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Japan’s benchmark Nikkei average .N225 closed 0.1% lower. .T
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The yen JPY-EBS slid against the dollar, reversing direction after a sudden surge overnight that traders and analysts were quick to attribute to intervention by Japanese authorities. FRX/
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The front-month rubber contract on the SingaporeExchange’s SICOM platform for June delivery STFc1 last traded at 159.6 U.S. cents per kg, down 0.2%.
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Mainland China’s financial markets are closed from May 1-5, for the Labour Day holiday. Trading willresume on Monday, May 6.
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Japan’s financial markets are closed on Friday, May 3, and Monday, May 6 for holidays. Trading will resume on Tuesday, May 7.
($1 = 155.2300 yen)
($1 = 36.8800 baht)
Source: Reuters
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