SINGAPORE, May 17 (Reuters) –
- Japanese rubber futures rose for a fifth session on Friday, tracking higher physical prices in top producer Thailand on prolonged weather concerns, while stronger oil prices also supported.
- The Osaka Exchange (OSE) rubber contract for Octoberdelivery JRUc6, 0#2JRU: was up 5.3 yen, or 1.64%, at 327.8 yen ($2.10) per kg as of 0154 GMT.
- The contract is poised to gain over 7% weekly.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for Septemberdelivery SNRv1 was up 150 yuan, or 1.03%, at 14,720 yuan ($2,037.17) per metric ton.
- The price of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK hit a near-one-month high at 86.29 baht ($2.38) per kg on Thursday.
- Thailand’s meteorological agency warned of “severe weather conditions”, “heavy to very heavy rains” and “flash floods” in upper Thailand from May 17-22.
- Oil prices rose on signs of improving global demand and slowing inflation in top oil consumer the United States. O/R
- Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
- The Japanese yen JPY= weakened 0.27% against the dollar. A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
- China’s industrial output grew 6.7% on-the-year in April, accelerating from 4.5% in March.
- The number of U.S. buyers considering an electric vehicle (EV) purchase in 2024 has fallen year-on-year due to a shortage of affordable cars, inadequate charging infrastructure and ignorance about EV benefits, a J.D. Power study showed.
- Production at U.S. factories unexpectedly fell in April amid a motor vehicle output decline, data showed.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for Junedelivery STFc1 last traded at 169 U.S. cents per kg, down 0.2%.
($1 = 155.7700 yen)
($1 = 7.2257 yuan)
($1 = 36.2200 baht)
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