SINGAPORE, May 9 (Reuters) –
- Japanese rubber futures fell on Thursday amid demand uncertainty, although higher oil prices and harsh weather conditions in top producer Thailand limited losses.
- The Osaka Exchange (OSE) rubber contract for October delivery JRUc6, 0#2JRU: was down 2.4 yen, or 0.77%, at 307.4 yen ($1.98) per kg as of 0154 GMT.
- The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery SNRv1 fell 140 yuan, or 0.98%, at 14,180 yuan ($1,962.41) per metric ton.
- Uncertainty around the ongoing elections in India could hurt automakers’ sales in May despite rising consumer interest for new model launches, a dealers’ body said on Wednesday.
- Top executives at BMW and Volkswagen warned against imposing EU import duties on electric vehicles from Chinese automakers, saying it could upend the bloc’s Green Deal plan and harm automakers that import cars made in China.
- Bank of Japan board members turned overwhelmingly hawkish at their April policy meeting with many calling for the need to raise interest rates steadily to forestall risks of an inflation overshoot.
- Japan’s inflation-adjusted real wages in March fell 2.5% from a year earlier, marking declines for two straight years, labour ministry data showed.
- Oil prices rose as shrinking U.S. crude inventories signalled tighter supply, and amid rising hopes that the Federal Reserve would cut interest rates by the end of the year. 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.
- Thailand’s meteorological agency warned of heavy rains and flashing floods in upper Thailand from May 8-14, potentially damaging crops.
- The front-month rubber contract on Singapore Exchange’s SICOM platform for June delivery STFc1 last traded at 162.2 U.S. cents per kg, down 0.6%.
($1 = 155.5200 yen)
($1 = 7.2258 yuan)
Source:
Reuters
