SINGAPORE, Sept 10 (Reuters) –
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Japanese rubber futures climbed for a third straight session on Tuesday, buoyed by wet weather in some producing regions of China and Thailand, while firmer oil prices also lent support to the market.
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The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: was up 4.2 yen, or 1.18%, at 360.8 yen ($2.52) per kg as of 0212 GMT.
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The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 rose 240 yuan, or 1.45%, to 16,845 yuan ($2,364.51) per metric ton.
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Asia’s strongest storm this year, Super Typhoon Yagi, landed in China’s Hainan on Friday, bringing violent gales and heavy rain that triggered widespread power outages, paralysing the province.
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Top producer Thailand’s meteorological agency warned of heavy rains that may cause flash flood from Sept. 13-15.
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The yen inched away from one-month highs as investors braced for U.S. inflation data and reassessed expectations of a large Fed rate cut starting next week. USD/
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The dollar was up 0.1% at 143.30 yen JPY=EBS.
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A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. FRX/
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Japan’s Nikkei .N225 traded 0.4% higher, helped by gains in financial and consumer names. T.
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Oil was steady after gaining around 1% on Monday, as investors weighed supply disruptions from Tropical Storm Francine and the potential for further output cuts against persistently weak Chinese demand. O/R
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Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.
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Passenger vehicle sales in China fell in August for the fifth straight month, though sales of all-electric and plug-in hybrid models rose.
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Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres.
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The front-month October rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 183.1 U.S. cents per kg, down 0.3%.
($1 = 143.3500 yen)
($1 = 7.1241 yuan)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu
