TOKYO (Sept 14): Benchmark Tokyo rubber futures snapped a three-day winning streak on Thursday as the market took a cue from a decline in Shanghai futures amid signs of slowing growth in the world’s No.2 economy, brokers said.
China on Thursday posted its slowest growth in fixed-asset investment in nearly 18 years, along with weaker-than-expected industrial output and retail sales, suggesting the economy may be starting to lose steam as lending costs rise.
The Tokyo Commodity Exchange rubber contract for February delivery finished 3.1 yen lower at 227.9 yen (US$2.06) per kg. The market did not get support from a weaker yen against the dollar.
The most-active rubber contract on the Shanghai futures exchange for January delivery fell 400 yuan to finish at 16,420 yuan (US$2,508) per tonne, despite the yuan extending losses against the dollar after the central bank lowered its official guidance to its weakest level in nearly two weeks.
The front-month rubber contract on Singapore’s SICOM exchange for October delivery last traded at 166.40 US cents per kg, down 1.9 cents.
(US$1 = 110.4500 yen)
(US$1 = 6.5477 Chinese yuan)
