SINGAPORE, May 8 (Reuters) –
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Japanese rubber futures traded higher on Wednesday amid weather concerns in key producer Thailand and a weaker yen, although gains were capped by lower oil prices and weaker domestic equities weighing on investor confidence.
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The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: was up 0.6 yen, or 0.19%, at 308.5 yen ($1.99) per kg as of 0200 GMT.
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The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 was up 60 yuan, or 0.42%, at 14,360 yuan ($1,987.87) per metric ton.
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Top rubber producer Thailand’s meteorological agency warned of heavy rains and floods in the upper parts of the country from May 7-13, potentially damaging crops.
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The yen JPY= eased towards the 155-per-dollar level and kept intervention risks from Tokyo high. A weaker currency makes yen-denominated assets more affordable to overseas buyers. FRX/
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Japan’s benchmark Nikkei average .N225 was down 0.97% as of 0033 GMT. .T
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Oil prices fell after market sources said data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand. O/R
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Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
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Tesla TSLA.O sold 62,167 China-made electric vehicles in April, down 18% year-on-year, lagging the broader market’s surge, China Passenger Car Association data showed.
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Some Chinese carmakers are looking to set up manufacturing and assembly plants in Europe as they aim to ramp up sales in the region of lower-costs cars to rival their European competitors amid slowing demand at home, the world’s largest car market.
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The front-month rubber contract on the Singapore Exchange’s SICOM platform for June delivery STFc1 last traded at 164 U.S. cents per kg, up 0.4%.
($1 = 155.1200 yen)
($1 = 7.2238 yuan)
