SINGAPORE, June 24 (Reuters) –
- Japanese rubber futures extended declines to a second session on Monday, tracking lower oil and synthetic rubber prices.
- The Osaka Exchange (OSE) rubber contract for November delivery JRUc6, 0#2JRU: was down 0.3 yen, or 0.09%, at 327.2 yen ($2.05) per kg as of 0152 GMT.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 was down 65 yuan, or 0.43%, at 14,935 yuan ($2,056.82) per metric ton.
- Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors’ risk appetite. 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 most active July butadiene rubber contract on the SHFE SHBRv1 was down 105 yuan, or 0.69%, at 15,160 yuan ($2,087.81) per metric ton.
- Beijing wants the European Union to scrap its preliminary tariffs on Chinese electric vehicles by July 4, China’s state-controlled Global Times reported.
- Top rubber producer Thailand’s meteorological agency warned of “heavy to very heavy rains and accumulations that may cause flash flood and runoff” from June 24-26.
- The yen JPY=EBS weakened to 159.94 per dollar in early trade, its lowest since April 29, when the yen touched a 34-year low of 160.245 leading to Japanese authorities spending some 9.8 trillion yen to support the currency. FRX/
- Rubber inventories in warehouses monitored by the SHFE climbed 0.99% from the last release on June 14, the exchange said on Friday.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for July delivery STFc1 traded at 170.2 U.S. cents per kg, up 0.4%.
($1 = 159.6800 yen)
($1 = 7.2612 yuan)
Reporting by Cassandra Yap; Editing by Rashmi Aich
Source:
Reuters
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