BEIJING, May 22 (Reuters) –
- Japanese rubber futures traded in a tight range on Wednesday after falling more than 1% in the previous session amid weakness in crude futures.
- The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: rose 0.9 yen, or 0.28%, at 325.9 yen per kg, as of 0130 GMT.
- The rubber contract on the Shanghai futures exchange (SHFE) for September delivery SNRv1 was 45 yuan, or 0.3%, lower at 14,825 yuan per metric ton.
- The Japanese yen JPY= fell 0.08% to 156.27 against the dollar.
- Japan’s benchmark Nikkei average .N225 opened down 0.32% at 38,823.91 on Wednesday, while the broader Topix .TOPX shed 0.21% at 2,753.93. .T
- Japan’s Nikkei share average will rise 4.6% by year end, supported by a firm corporate outlook and a solid global economy, according to equity market strategists in a Reuters poll.
- Japan’s exports rose for a fifth straight month in April, helped by a boost in value from the weak yen, government data showed on Wednesday, but shipment volumes struggled as soft external demand weighed on growth.
- Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve could keep U.S. interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world’s largest oil consumer. 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 front-month rubber contract on Singapore Exchange’s SICOM platform for July delivery STFc1 last traded at 170.1 U.S. cents per kg, down 0.2%.
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