SINGAPORE, May 24 (Reuters) –
- Japanese rubber futures rose for a third session on Friday amid high physical prices, while a weaker yen also supported the market, as the contract headed for a weekly gain.
- The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: was up 4.4 yen, or 1.34%, at 332.3 yen ($2.11) per kg as of 0200 GMT.
- The contract is set to increase over 3% week-on-week to log its third consecutive weekly rise.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 was up 110 yuan, or 0.74%, at 15,035 yuan ($2,075.22) per metric ton.
- The price of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK held at an over-one-month high of 88.59 baht ($2.42) per kg on Thursday. It has risen 1.9% so far for the week.
- The Japanese yen JPY= weakened 0.07% to 157.05 against the dollar. A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
- Japan’s core inflation slowed for a second straight month in April, likely signalling that the Bank of Japan will be patient in raising interest rates as consumption remains fragile.
- Data on Thursday showed U.S. jobless claims dropped while S&P Global’s Flash PMI survey showed business activity expanded faster than economists forecast in May. MKTS/GLOB
- U.S. Treasury Secretary Janet Yellen said on Thursday that she wants market-driven countries to present a “wall of opposition” to China over its state-driven industrial policies, a key issue she is pushing at a G7 finance meeting this week.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for June delivery STFc1 last traded at 174.2 U.S. cents per kg, up 1.3%.
($1 = 157.1300 yen)
($1 = 7.2450 yuan)
($1 = 36.6500 baht)Reporting by Cassandra Yap; Editing by Rashmi Aich
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