SINGAPORE, Sept 9 (Reuters) –
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Japanese rubber futures advanced for a second straight session on Monday, buoyed by a weaker yen and worries over persistent wet weather in top producer Thailand.
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The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: was up 2.9 yen, or 0.83%, at 352.7 yen ($2.47) per kg as of 0140 GMT.
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The rubber contract on the Shanghai Futures Exchange (SHFE) for January delivery SNRv1 rose 220 yuan, or 1.36%, to 16,540 yuan ($2,327.51) per metric ton.
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The dollar held to tight ranges while the yen pared some of its safe-haven gains, as investors were undecided on the scale of a Federal Reserve rate cut expected later this month and looked to this week’s U.S. inflation reading for more clues. USD/
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The yen JPY=EBS was last 0.26% lower at 142.65 per dollar, surrendering some of its gains after having risen 2.73% last week, as risk aversion gripped markets.
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A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. FRX/
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Thailand’s meteorological agency warned of heavy to very heavy rains and accumulations that may cause flash flood and overflows from Sept. 9-14.
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China said on Friday it had requested talks with Canada at the World Trade Organization on tariffs Ottawa has imposed on its electric vehicles as well as steel and aluminium goods, the same week Beijing announced plans to probe Canadian canola imports.
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Beijing on Tuesday said it planned to start an anti-dumping investigation into canola imports from Canada, a week after Ottawa joined the U.S. and EU and imposed a 100% tariff on Chinese EVs.
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Japan’s economy expanded in April-June at a slightly slower pace than initially reported, data showed.
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The front-month rubber contract on Singapore Exchange’s SICOM platform for October delivery STFc1 last traded at 179.5 U.S. cents per kg, down 0.8%.
($1 = 142.7000 yen)
($1 = 7.1063 yuan)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
