Updates closing prices and adds details
SINGAPORE, May 14 (Reuters) –
- Japanese rubber futures rose for a second session to close at a three-week high on Tuesday, as traders tracked higher physical prices in top producer Thailand amid poor harvesting weather, while a weaker yen also lent support.
- The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: closed up 5.3 yen, or 1.72%, at 313.3 yen ($2.00) per kg, the highest close since April 23.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 rose 65 yuan to finish at 14,310 yuan ($1,977.12) per metric ton.
- Rubber prices are likely to remain high as harvesting is affected by weather disturbances, pushing Thailand raw materials prices higher, while downstream tyre factories in China have gradually resumed production after the long holiday, China-based consultancy Longzhong said in a note on Tuesday.
- The price of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK was at 83.92 Thai baht ($2.28) per kg on a free-on-board basis on Tuesday, 1.02% higher than previous session.
- The Japanese yen JPY= weakened 0.14% to 156.46 against the dollar amid expectations of slowing pace of inflation and growth in the U.S. MKTS/GLOB FRX/
- Japan’s wholesale inflation held steady at 0.9% in April as the weaker yen pushed up import costs, suggesting another wave of price hikes could prod the central bank to raise interest rates again in the near term.
- U.S. President Joe Biden is set to announce new China tariffs soon, targeting sectors including electric vehicles. The impact on Chinese industries, however, is expected to be limited.
- Toyota 7203.T lowered its maximum daily production volume to 14,000 units from 14,500 units to improve workplace communication, the company said in an annual general meeting document.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for June delivery STFc1 last traded at 164.7 U.S. cents per kg, down 0.2%.
($1 = 156.4600 yen)
($1 = 7.2378 yuan)
($1 = 36.7300 baht)
Source:
Reuters
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