Japan futures end higher for second session on weather concerns, weak yen

Updates closing prices and adds details

SINGAPORE, May 8 (Reuters) –

Japanese rubber futures closed higher on Wednesday for a second session amid weather concerns in key producer Thailand and a weaker yen, although gains were capped by lower oil prices and weaker domestic equities.
The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: closed up 1.9 yen, or 0.62%, at 309.8 yen ($2.00) per kg.
The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 fell 45 yuan to finish at 14,255 yuan ($1,972.93) per metric ton.
Top rubber producer Thailand’s meteorological agency warned of heavy rains and floods in upper Thailand from May 7-13, potentially damaging crops.
The yen JPY= weakened past 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/
Japan’s benchmark Nikkei average .N225 closed 1.63% lower. .T
Oil prices fell as industry data showed a pile-up in both crude and fuel inventories in the U.S., a sign of weak demand, and cautious supply expectations emerged ahead of an OPEC+ policy meeting next month. 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.
Tesla TSLA.O sold 62,167 China-made electric vehicles in April, down 18% year-on-year, lagging the broader market’s surge, according to data from China Passenger Car Association.
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.
Uncertainty over India’s elections could hurt automakers’ sales in May despite rising consumer interest for new model launches, a dealers’ body said.
The front-month rubber contract on the Singapore Exchange’s SICOM platform for June delivery STFc1 last traded at 163.5 U.S. cents per kg, up 0.1%.