![[Thailand] Natural Rubber prices on December 6, 2012](https://img.globalrubbermarkets.com/2024/08/thailand-natural-rubber-prices-on-december-6-2012.jpg?fit=336%2C261&ssl=1)
Japanese rubber futures extended gains on Friday, with prices hitting a more than two-month high, supported by rising prices for synthetic and physical rubber.
The Osaka Exchange (OSE) rubber contract for January delivery was up 6.9 yen, or 2.02%, at 347.9 yen ($2.39) per kg as of 0211 GMT.
The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery rose 100 yuan, or 0.62%, to 16,335 yuan ($2,286.79) per metric ton.
The contract hit an intraday high of 348.5 yen, its strongest level since June 13.
The most active October butadiene rubber contract on the SHFE (SHBRv1) rose up 60 yuan, or 0.41%, to 14,655 yuan ($2,051.60) per metric ton.
The price of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) (RUB-RSS3C-BKK) and block rubber (RUB-STR20C-BKK) was up 1.16% and down 4.19%, to stand at 87.09 baht ($2.53) and 66.08 baht ($1.92), respectively.
The U.S. dollar was calm, as traders awaited comments from Federal Reserve Chair Jerome Powell.
Bank of Japan Governor Kazuo Ueda said in Parliament the market volatility seen in early August was due to rising fears of a U.S. recession, while the BOJ’s interest rate hike in July led to a sharp reversal of “one-sided yen falls”.
The yen was stronger at 145.78 per dollar after data showed Japan’s core inflation accelerated for a third month in July.
A stronger currency makes yen-denominated assets less affordable to overseas buyers.
Oil prices were steady in early Asian trading, but were poised to end the week lower.
Top rubber producer Thailand’s meteorological agency warned of heavy rains that may cause flash floods from Aug. 22-28.
The front-month rubber contract on Singapore Exchange’s SICOM platform for September delivery last traded at 177 U.S. cents per kg, up 1.1%.
($1 = 145.5200 yen)
($1 = 7.1432 yuan)
($1 = 34.4000 baht)
