SINGAPORE, Sept 11 (Reuters) –
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Japanese rubber futures snapped a three-session rally on Wednesday, weighed down by a firmer yen and as a batch of mixed trade data from China clouded prospects of demand from the world’s top consumer.
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The Osaka Exchange (OSE) rubber contract for February delivery JRUc6, 0#2JRU: closed down 7.8 yen, or 2.16%, at 352.7 yen ($2.50) per kg.
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The January rubber contract on the Shanghai Futures Exchange (SHFE) SNRv1 fell 100 yuan, or 0.59%, to finish at 16,745 yuan ($2,354.01) per metric ton.
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Prices 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 91.46 baht ($2.72) and 67.23 baht, respectively.
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The Bank of Japan will continue to raise interest rates if inflation moves in line with its forecast, policymaker Junko Nakagawa said.
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Her comments pushed up the yen as markets took them as a renewed sign the BOJ could raise rates in coming months.
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The dollar stood at 140.79 yen JPY=EBS, down more than 1% and hitting the lowest level since Dec. 28, also weighed down by the outcome of the U.S. presidential debate. USD/
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A stronger Japanese currency makes yen-denominated assets less affordable to overseas buyers. FRX/
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Japan’s Nikkei .N225 closed down 1.49%. T.
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China’s 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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European firms in China doubt the government has a credible plan to boost demand in the ailing economy or will carry out long-promised reforms, a European business lobby group said.
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The front-month October rubber contract on Singapore Exchange’s SICOM platform STFc1 last traded at 182.9 U.S. cents per kg, up 0.4%.
($1 = 141.3400 yen)
($1 = 7.1134 yuan)
($1 = 33.6100 baht)
Reporting by Gabrielle Ng; Editing by Rashmi Aich and Subhranshu Sahu
