SINGAPORE, Sept 11 (Reuters) –
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Japanese rubber futures snapped a three-session rally on Wednesday dragged by a firmer yen, although higher crude oil prices limited loses.
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The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: was down 4.9 yen, or 1.36%, at 355.6 yen ($2.51) per kg as of 0225 GMT.
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The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1, however, rose 15 yuan, or 0.09%, to 16,860 yuan ($2,369.24) per metric ton.
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The price of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) RUB-RSS3C-BKK and block rubber RUB-STR20C-BKK were down 1.68% and 1.09%, to stand at 91.46 baht ($2.73) and 67.23 baht ($2.00), respectively.
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The yen hovered near a five-week peak, as traders awaited a key inflation report that could provide clues on how aggressively U.S. rates would be cut next week. USD/
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The dollar was down 0.2% at 142.18 yen JPY=EBS, heading back towards the recent low of 141.75 yen, a level previously not seen since Aug. 5.
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A stronger currency makes yen-denominated assets less affordable to overseas buyers. FRX/
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Japan’s Nikkei .N225 fell 1% in early trading. T.
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Crude prices bounced as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about 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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China’s exports grew at their fastest pace in nearly 1-1/2 years in August, while imports disappointed amid weak domestic demand.
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The mixed trade data highlights the challenge facing Beijing, as policymakers try to bolster overall growth without becoming too reliant on exports, amid consumers tightening their purse strings.
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The front-month October rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 183.5 U.S. cents per kg, up 0.7%.
($1 = 141.7400 yen)
($1 = 7.1162 yuan)
($1 = 33.5600 baht)
Reporting by Gabrielle Ng; Editing by Rashmi Aich
