Updates closing prices, adds details
SINGAPORE, May 7 (Reuters) –
- Japanese rubber futures rose onTuesday after returning from a long holiday, supported by adverse weather conditions in key rubber-producing countries and higheroil prices.
- The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: closed up 5.2 yen, or 1.72%,at 307.9 yen ($1.99) per kg, the highest close since May 1.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 rose 155yuan to finishat 14,285 yuan ($1,979.85) per metric ton.
- Top rubber producer Thailand’s meteorological agency warned of heavy rains and flashing floods in upper Thailand from May 6-12, potentially damaging crops.
- China’s meteorological agency issued hot weather alerts for some of Yunnan’s rubber-producing regions, including Xishuangbanna and Pu’er.
- Oil prices edged higher after Israel struck Rafah in Gaza, while negotiations for a ceasefire with Hamas continued without resolution. 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 yenJPY= continued to drift lower on Tuesday against the dollar asgaping interest rate differentials weighed. A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
- Myanmar aims to export 350,000 tons of rubber in the current fiscal year starting April, up from nearly 200,000 tons of rubber last year, China-based Xinhua News reported on Monday, quoting an official from the Myanmar Rubber Planters and Producers Association.
- Insufficient new orders for all-steel tyres, coupled with significant inventory pressures may slow tyre production in China, China-based consultancy Zhuochuang said in a report on Monday, adding that rubber may see headwinds moving forward given tyre manufacturers and rubber downstream companies are procuring raw materials on a needs basis.
- The front-month rubber contract on the SingaporeExchange’s SICOM platform for June delivery STFc1 last traded at 163.5 U.S. cents per kg, up 1.1%.
($1 = 154.3500 yen)
($1 = 7.2152 yuan)
Source:
Reuters
