Corrects closing price in third line
SINGAPORE, Sept 5 (Reuters) –
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Japanese rubber futures fell for the fourth straight session on Thursday to close at their lowest in two weeks, weighed down by worries over economic growth in the United States and China, while a stronger yen added pressure on prices.
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The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: closed down 4.1 yen, or 1.17%, at 347.5 yen ($2.43), its weakest level since Aug. 22.
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The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 closed up 35 yuan, or 0.22%, at 16,180 yuan ($2,279.23)per metric ton.
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Despite supply remaining relatively less comfortable than during the usual peak season from September to January, expected gains in prices will be capped by fresh concerns over a potential U.S. recession and dimmed prospects of a rebound in Chinese and U.S. demand, said Jom Jacob, chief analyst at Indian analysis firm What Next Rubber.
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Top producer Thailand’s meteorological agency warned of heavy rains that may cause flash floods from Sept. 8-10.
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Data on Wednesday showed U.S. job openings dropped to a 3-1/2-year low in July, after a survey showed on Tuesday manufacturing remained in contraction territory.
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Growth in China’s services sector activity slowed in August, a survey showed on Wednesday, while a previous survey showed manufacturing activity sank to a six-month low.
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The yen JPY=EBS was last 0.26% higher at 143.36 per dollar, after touching a one-month high earlier in the session.
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A stronger Japanese currency makes yen-denominated assets less affordable to overseas buyers. FRX/
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The front-month October rubber contract on the Singapore Exchange’s SICOM platform STFc1 last traded at 177 U.S. cents per kg, up 1%.
($1 = 143.2000 yen)
($1 = 7.0989 yuan)
Reporting by Gabrielle Ng; Editing by Rashmi Aich and Vijayh Kishore
